Wilson Sonsini Advises Pragmatic on $231 Million Series D Financing

On December 6, 2023, Pragmatic Semiconductor, the world leader in manufacturing flexible integrated circuits, announced that it completed a first close of its Series D funding round, securing an investment of $206 million. The company is planning a limited second close for key investors, of which $25 million additional investment is already allocated.

The investment will enable Pragmatic to accelerate its expansion plans in the UK to meet the growing demand for its unique technology from customers worldwide. This includes building its 3rd and 4th fabrication lines at its Pragmatic Park facility in Durham. Over the next five years, Pragmatic says that it anticipates building at least eight manufacturing lines in the UK, creating over 500 highly skilled jobs in the North East and Cambridge.

Each line is capable of producing billions of chips that enable countless novel, fast-growing applications across multiple sectors including consumer, industrial, healthcare, and beyond. 

M&G’s Catalyst and UK Infrastructure Bank co-led the funding round with participation from new investors including Northern Gritstone, Latitude and MVolution Partners, and existing investors such as British Patient Capital, Cambridge Innovation Capital and Prosperity7 Ventures (the diversified growth fund under Aramco Ventures).

Founded in 2010, Pragmatic is revolutionizing semiconductor fabrication with ultra-low-cost, flexible integrated circuit (FlexIC) technology that makes it quick and easy to embed intelligence almost anywhere. FlexICs are thinner than a human hair and, invisibly embedded in objects, enable novel solutions that are simply not possible with conventional electronics.  

Wilson Sonsini Goodrich & Rosati provided counsel to Pragmatic in the transaction. The team from Wilson Sonsini included:

Corporate
Mike Labriola
Ashmi Bhagani
Betty Rosenbaum
Alex Moffitt
Conor Cannon
Daniel Glazer
Ghislaine Nobileau

National Security
Mike Casey
Josh Gruenspecht

Regulatory
Seth Cowell
Anne Seymour

Antitrust and Competition
Beau Buffier

For more information, please see Pragmatic’s press release. Further coverage can be found at the Financial Times.