Avery Dennison, which also makes RFID tags, joins existing shareholders Cambridge Innovation Capital (CIC) and ARM, who also participated in the round. CIC and ARM invested £5.4 million (about $6.5 million) in Pragmatic in January 2015 (see ARM backs printed electronics startup ).
The funds will be used for the commercialisation of Pragmatic's FlexLogIC modular automated manufacturing system and to take it from pilot-scale production to volume manufacturing, the company said. Avery Dennison is planning to make use of Pragmatic’s flexible integrated circuits (flexICs) in its inlays portfolio.
"With PragmatIC’s technology, there is the potential to extend the use of unique item-level digital identities to improve consumer experiences in a number of new segments, such as fast-moving consumer goods," said Francisco Melo, general manager of Avery Dennison's RFID business.
Pragmatic was formed in 2010 as part of the relocation of the Manchester-based company Nano ePrint Ltd., which had been founded in 2006.
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