Cambridge-based graphene electronics company Paragraf has secured $60m (£45m) in a Series B round of funding led by New Science Ventures.
Paragraf will use the funds to scale up its international growth by increasing sales across the UK, US, EU and Asian markets.
The company specialises in graphene-based electronics, a material with highly promising capabilities that could prove to be the perfect alternative to silicon in electronic devices.
Graphene has been described as a “wonder material” because of its unique properties. It’s a highly conductive material that balances strength and flexibility and is able to withstand extreme levels of electricity.
Paragraf’s primary products, the graphene hall effect sensor range, are used in a vast array of industries across the world of tech, from aerospace to healthcare to industrial and quantum computing spaces.
Paragraf co-founder and CEO Dr Simon Thomas said: “Our increasing desire for continually improving electronic device performance paired with the absolute necessity to reduce our power requirements, and hence carbon footprints, demand new technology solutions – next-generation materials will be at the heart of this.
“At Paragraf we are proud to be leading the way, bringing the first 2D material, graphene, into the electronic product supply chain, through our first products, allowing its transformational, game-changing properties and benefits to be harnessed.”
Somu Subramaniam, managing partner at New Science Ventures said: “Developing and manufacturing at scale, graphene-based sensors and electronics devices has been a major challenge to the industry.
“Paragraf has met that challenge and is delivering commercial products with an order of magnitude improvements in product performance. We are thrilled to lead this financing and to join Simon and the Paragraf team in building a company focused on addressing some of today’s greatest needs.”
The current round of funding also includes previous Paragraf investors: Parkwalk, Amadeus Capital Partners, IQ Capital and Molten Ventures.
New investors, British Patient Capital will also be joining through its future fund initiative, a £375m plan to invest in R&D-intensive UK companies.
Paragraf, which formed as a spinout from the Department of Materials Science at Cambridge University in 2015, previously raised £12.8m of funding in 2019.