Paragraf, a graphene-based semiconductor producer, will scale its manufacturing output capabilities with a brand new $55m (£41m) Sequence C funding from the sovereign wealth fund of the Unites Arab Emirates (UAE).
The Cambridgeshire-based chip maker goals to speed up the adoption of graphene electronics in mass markets.
The distinctive properties of the fabric permit chips constructed from it, fairly than silicon-based alternate options, to carry out sooner and extra precisely in excessive environments, helpful in, for instance, quantum computing, which requires cryogenic situations.
“This funding is a robust sign of confidence in Paragraf and our mission within the face of worldwide financial uncertainty,” stated Paragraf co-founder and chief govt Dr Simon Thomas.
“This new funding will allow us to increase manufacturing of sooner, extra energy-efficient applied sciences to the dimensions required by main business alternatives.
“In what’s a very difficult funding atmosphere, we’ve attracted sturdy curiosity and are happy to have secured the backing of each new and current companions who share our imaginative and prescient for remodeling electronics with graphene.”
The funding got here from Mubadala, the sovereign wealth fund of the UAE, which acquired a 12.8% stake within the enterprise.
Chatting with The Instances, Thomas stated the funding from Mubadala led to elevated scrutiny of the deal from the UK authorities, which intently screens transactions referring to the home chip business.
Thomas stated the Nationwide Safety investigative limbo left the agency inside two weeks of operating out of money, whereas ready on the substantial international funding. The spherical took six months to obtain approval from ministers.
Register for Free
Bookmark your favourite posts, get each day updates, and luxuriate in an ad-reduced expertise.
Have already got an account? Log in
