Plastic Logic, a developer of plastic electronics, announced today its Series C funding had reached $24 million. New investors are BASF Venture Capital, Intel Capital, Morningside Technology Ventures and Quest for Growth. Existing investors Amadeus Capital Partners, Bank of America, Dow Chemical, Nanotech Partners, PolyTechnos Venture-Partners, Siemens and Yasuda also participated in the round. Proceeds will be used to commercialise the company's flexible active-matrix displays.
Plastic Logic's technology is for manufacturing (or printing) electronics that has the potential to radically change the economics of key segments of the electronics industry. Plastic Logic enables revolutionary new applications by printing electronics on thin, flexible plastic substrates using a process scaleable for large area, high volume and low cost.
Stuart Evans, CEO, said "We are excited to have reached this milestone as a company and receive this investment from both new and existing shareholders. These funds will accelerate Plastic Logic's move to commercial testing of prototype products and to finalise our manufacturing process for transfer to mass production. We are pleased that Morningside group, with its deep and broad experience in China's technology and media sectors, will help Plastic Logic develop its China business." "Materials will play a major role in the further development of the printable electronics market, and BASF is pleased to be associated with a leading edge company in this field like Plastic Logic," said Darren Budd, BASF Venture Capital's investment manager.
The company has made progress in refining its manufacturing process, including the development of a 350mm by 350mm Prototype Line based on readily available manufacturing equipment. This will be used for technology transfer and, in conjunction with device-makers, to demonstrate advanced product prototypes. Plastic Logic is already delivering A5-sized 100ppi SVGA (800x600) flexible active-matrix e-paper displays to its lead customers.
William Kilmer, Intel Capital's Managing Director for Western Europe, added "We invested in Plastic Logic because we see enormous opportunities for flexible electronics, particularly in mobile applications requiring thin, robust, flexible displays. We also believe Intel Capital can add significant value to Plastic Logic, including guidance on production processes and introductions to commercial partners."
Industry experts believe that plastic electronics may be the new wave in enabling low cost manufacturing of transistor arrays using inexpensive, flexible plastic substrates. Analysts from IDTechEx forecast plastic electronics will be a $30 billion industry by 2015, and could reach as much as $250 billion by 2025.
The company was assisted by Sardis Capital, an advisory firm specialising in high technology.