Plastic Logic, a developer of plastic electronics, announced a further and final closing of its Series C funding with an investment by Oak Investment Partners, a premier Silicon Valley venture capital firm. The Series C funding has now reached $28 million, making it one of the largest European Venture Capital investments of 2005. Oak joins Amadeus Capital Partners, Bank of America, BASF Venture Capital, Dow Chemical, Intel Capital, Mitsubishi, PolyTechnos Venture-Partners, Morningside Technology Ventures, Siemens, Quest for Growth and Yasuda who also participated in the round. Proceeds will be used to commercialise the company's flexible active-matrix displays.
Stuart Evans, CEO, said "The Series C funding will accelerate our move to commercial trials of prototype products and to finalise our manufacturing process for transfer to mass production. Oak's deep experience and resources will help us every step of the way as we continue to build a great company."
Bandel Carano, General Partner at Oak, said "We are very excited to be a new investor in Plastic Logic. The company has made stunning progress this year in building a Prototype Line that is already delivering A5-sized 100ppi SVGA (800x600) flexible active-matrix e-paper displays to its lead customers."
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.