Semiconductor firm Pragmatic is launching a £100m fundraising effort to help fuel its expansion into the US, but has downplayed suggestions that it is distancing itself from Britain.
The semiconductor firm said that it plans to “continue scaling manufacturing in the UK” alongside its expansion across the Atlantic.
While the US, through the CHIPS Act, is providing billions of dollars in support to semiconductor companies, the UK is taking a different approach that has received a mixed reception from the microchip industry.
Pragmatic has downplayed concerns that the fundraise is part of a US exit strategy. In a LinkedIn post, the company said claims that it was considering leaving the UK due to its planned US expansion did “not accurately reflect Pragmatic’s position”.
Pragmatic added the business plan has “always included international expansion of our manufacturing footprint”. UKTN has approached Pragmatic for comment.
The statement said the company was “pleased to see the UK government’s repeated commitment to support semiconductor manufacturing”.
Pragmatic praised the “newly formed Semiconductor Advisory Panel” that was assembled this month to support the government’s policymaking in the sector.
Earlier this year, company founder Scott White said in an interview with Bloomberg that the UK had not adequately been supporting the industry.
In the same interview, White praised the action taken by the Biden administration in the US.
Speaking to The Telegraph, which first reported the fundraise, White said “we’re not going to be raising 10 times that [£100m], but we’ll be raising more than that in this round”.
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