Paragraf, a graphene-based semiconductor manufacturer, will scale its production output capabilities with a new $55m (£41m) Series C investment from the sovereign wealth fund of the Unites Arab Emirates (UAE).
The Cambridgeshire-based chip maker aims to accelerate the adoption of graphene electronics in mass markets.
The unique properties of the material allow chips made from it, rather than silicon-based alternatives, to perform faster and more accurately in extreme environments, useful in, for example, quantum computing, which requires cryogenic conditions.
“This investment is a strong signal of confidence in Paragraf and our mission in the face of global economic uncertainty,” said Paragraf co-founder and chief executive Dr Simon Thomas.
“This new funding will enable us to expand production of faster, more energy-efficient technologies to the scale required by major commercial opportunities.
“In what is a particularly challenging funding environment, we’ve attracted strong interest and are pleased to have secured the backing of both new and existing partners who share our vision for transforming electronics with graphene.”
The investment came from Mubadala, the sovereign wealth fund of the UAE, which acquired a 12.8% stake in the business.
Speaking to The Times, Thomas said the funding from Mubadala led to increased scrutiny of the deal from the UK government, which closely monitors transactions relating to the domestic chip industry.
Thomas said the National Security investigative limbo left the firm within two weeks of running out of cash, while waiting on the substantial foreign investment. The round took six months to receive approval from ministers.
Register for Free
Bookmark your favorite posts, get daily updates, and enjoy an ad-reduced experience.
Already have an account? Log in
