Plastic Logic secures extra funds
Article Date: Aug 04 2008Plastic Logic, which develops plastic electronics for flexible displays and sensors, has raised a new round of $50 million (£25 million) in equity finance led by existing venture capital investors Oak Investment Partners and Amadeus Capital Partners. To date, the company has raised more than $200 million.
Since it was founded in 2000 by researchers from Cambridge University, Plastic Logic has developed intellectual property (IP) in plastic electronics, essentially a semiconductor replacement technology that has broad applicability across many markets.
The company plans to enter the market with a consumer electronics device incorporating its display technology in early 2009. CEO Richard Archuleta says the ‘new investment will enable expanded business operations in support of our first commercial product early next year while we continue to develop our IP to deliver on our broader long-term vision’.
Plastic Logic has research and development premises in Cambridge, England, and is set to open a manufacturing facility in Dresden, Germany, next month. The company also recently established headquarters at Mountain View, California, for management, product engineering, product supply chain, sales and marketing.
Back in January 2007, Plastic Logic secured $100 million in one of the largest fundraisings in the history of European venture capital.
