Cambridge company raises $100m
Plastic chips and bendy displays
A company spun out of Cambridge University has raised $100m to start commercial production of its "plastic electronics".
Plastic Logic will open a factory in Dresden, Germany to produce electronic reader displays. The flexible screens claim 150 pixels per inch.
The cunning thing about the technology is that it effectively prints electronic circuits using plastic rather than silicon. This means circuits can be produced much more cheaply than by using silicon. The process is used to create a thin, flexible display which can be rolled up so it can be used more easily on the move.
The company was spun out of Cambridge University in 2000 with backing from Amadeus , Bank of America, Intel and Merifin Capital. Tudor Investment Corporation and Oak Investment Partners have joined existing partners in providing the funding.
Hermann Hauser, Cambridge tech legend and Amadeus director, said: "Having backed Plastic Logic from day one, I am delighted that the first full commercialization of plastic electronics is now firmly in our sights. With this investment we are not only scaling up a great company - we are also creating a new electronics industry that will become a significant addition to silicon."
With this backing the company predicts production of more than a million displays a year starting in 2008. Hauser told the FT that Plastic Logic could bring in annual sales of $1bn within five to ten years.
Go here for the press release.®