NEWS: Avery Dennison Invests in PragmatIC to Deliver Affordable Smart Packaging03-11-2016
PragmatIC, one of the leading flexible electronics developers, has secured £18 million of funding including a strategic investment from Avery Dennison, which has global positions in labelling and packaging materials as well as radio frequency identification (RFID). Avery Dennison joins existing shareholders Cambridge Innovation Capital (CIC) and ARM, who also participated in the round.
This investment in PragmatIC is expected to accelerate the mass deployment of intelligent packaging, with Avery Dennison leveraging the potential of PragmatIC’s flexible integrated circuits (flexICs) in its inlays portfolio.
“Avery Dennison works with more than 10,000 converters, brand owners and retailers worldwide, making them an ideal supply chain partner to deliver solutions based on our unique technology,” said Scott White, CEO of PragmatIC. The funding provides full support for the company’s next stage of evolution, moving from pilot scale production to enable volume manufacturing with the FlexLogIC equipment.
“We’re excited about this collaboration with PragmatIC, which presents a promising opportunity to build on our high volume RFID inlay manufacturing capabilities,” added Francisco Melo, vice president and general manager, Global RFID, Avery Dennison. “With PragmatIC’s technology, there is the potential to extend the use of unique item-level digital identities to improve consumer experiences in a number of new segments, such as fast-moving consumer goods.”
“This funding allows PragmatIC to deliver into the market a tool for producing flexible integrated circuits at an unprecedentedly low unit price point,” said Victor Christou, CEO of Cambridge Innovation Capital. “We believe this is an important step forward to commercially affordable smart packaging.”News overview