Innovative chip maker Pragmatic Semiconductor has landed £28.2m ($35m) funding from a range of institutional investors.
The manufacturer has plans to build a multimillion-pound factory on the site of the former Wavin Pipeworks in County Durham, bringing 125 jobs to the area. And this latest investment has broken its Series C funding round target by more than half, totalling £100.8m ($125m).
Pragmatic, which already operates a Sedgefield NETPark facility and has expanded its Cambridge base, says the money will be used to accelerate the plans which involve the redevelopment of the site to include a 175,000 sqft factory where it will make its flexible integrated circuits that are intended to replace mainstream silicon chips.
