LONDON Oak Investment Partners has persuaded Plastic Logic Ltd., a developer of plastic electronics, to let it add $4 million to a Series C round of investment, taking it to $28 million. The money would be used to commercialize the Plastic Logic’s flexible active-matrix displays, the company said.
The Series C round was first announced in January 2005 at $8 million with Siemens Venture Capital GmbH and Nanotech Partners, an international nanotechnology fund established principally by Mitsubishi Corp., joining existing investors. A further $16 million was added in November 2005 taking the pot to $24 million.
New investors at that time include 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 Venture Capital GmbH and Yasuda Enterprise Development Co. also participated in the round.
Plastic Logic (Cambridge, England) is developing the technology to print polymer semiconductor materials on flexible substrates. Although the speed of performance is limited the manufacturing approach could change the economics and scope of segments of the electronics industry. The processes under development are being optimized to scale to large area, high volume and low cost.