Business & Economy
Circuit firm Pragmatic’s growth powered by fresh £30 million backing
December 16, 2022
An electronics firm behind next generation circuits has picked up nearly £30 million investor backing.
Pragmatic Semiconductor says the cash will drive a suite of growth plans, which include a new factory in Meadowfield, near Durham City.
The plant, revealed in early 2022 and known as Pragmatic Park, is being built to ramp up production of the company’s circuits, which are used to monitor consumer items and pharmaceutical goods.
Scott White, Pragmatic chief executive, said: “This is a huge vote of confidence in our unique technology.”
Investors in the funding round included the North East Development Capital Fund and the Finance Durham Fund.
Erik Langaker, Pragmatic chair, added: “We continue to see growing investor and customer interest in affordable solutions for digitisation and control of supply chains, reinforced by Government initiatives, such as the recent EU legislation regarding digital product passports.
“This is the beginning of electronics in everything – supported by great technology developed and scaled in the UK.”