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PolyTechnos leads First Round Funding for Plastic Logic - Second Closing with £8.75 million
Munich, Germany. November 25th, 2002
PolyTechnos Venture-Partners GmbH, a leading venture capital firm headquartered in Munich, Germany, announced today the completion of the second closing of the first round of private financing for Plastic Logic, a leading developer of plastic electronics technology. The second closing was completed with £2.45 million. With the first closing of £6.3 million announced earlier this year, the total amount raised in this round is now £8.75 million. The PolyTechnos Funds have led this round of financing together with Amadeus Capital Partners (London and Cambridge, UK). Participants in the second closing were Bank of America Capital Partners (Chicago, Illinois, USA), Yasuda Enterprise Development Company (Tokyo, Japan), St. John’s College (Cambridge, UK) and Steve Kahng (Palo Alto, California, USA).
Plastic Logic combines the power of electronics with the pervasiveness of printing. This new paradigm has the potential to change radically the economics of key segments of the semiconductor industry. Plastic Logic’s technology is expected to be used in a wide range of applications including flat panel displays, electronic paper, electronic labels, intelligent packaging, and wearable computing.
“We are delighted to welcome our new shareholders to the company,” said Plastic Logic CEO Stuart Evans. “They will all help us to position the company as the dominant provider of solutions for printing active electronic circuits.” The funds will be used to expand the current team of 35 and accelerate technology development and commercialisation.
“Plastic Logic has built a formidable intellectual property position in technology that has the potential to be truly disruptive,” commented Dr. Simon Waddington, Partner of PolyTechnos Venture-Partners in Munich. “We are convinced that the company will pioneer the development of plastic electronics. Plastic Logic builds on the outstanding science of Professor Richard Friend and Dr. Henning Sirringhaus at Cambridge University’s Cavendish Laboratory. Combined with the entrepreneurial experience of CEO Stuart Evans and the strategic investor base including Cambridge University, Dow Chemical, Seiko Epson, and Cambridge Display Technology, the company is exceptionally well positioned to dominate its space.” As part of the first closing of this financing round, Dr. Waddington was asked to join Plastic Logic’s board of directors.
“Plastic Logic has assembled a world class team and an impressive array of partners,” said Dr. Hermann Hauser of Amadeus Capital Partners and a director of the company. “Amadeus is excited about supporting this breakthrough technology as it comes to market and builds a strong position in the new world of organic electronics.”
About Plastic Logic
Plastic Logic was founded in 2000 to develop and exploit new technology and processes that combine the power of electronics with the pervasiveness of printing. The company has a growing portfolio of patents based on inkjet printing of active electronic circuits using advanced plastic materials. The company’s technology has the potential to change radically the economics of key segments of the semiconductor industry. Capital costs will be significantly lower than for silicon by eliminating conventional photolithography, vacuum processing and high temperatures. The technology will greatly simplify manufacturing large area electronics and flexible substrates. Initial target markets include active matrix backplanes for displays, electronic labels and intelligent packaging. Plastic Logic is a spinout from the University of Cambridge and is privately held. With 35 employees, it is headquartered in state-of-the-art clean room, labs and office on the Cambridge Science Park the UK’s premier high tech hotbed. For more information, please visit www.plasticlogic.com.
About PolyTechnos Venture-Partners
PolyTechnos Venture-Partners is a venture capital firm headquartered in Munich, Germany. PolyTechnos focuses on early-stage technology-oriented companies predominantly in German-speaking Europe. Areas of expertise comprise Information Technology & Communications, Materials, Energy, and Life Sciences, with a special interest in opportunities that develop at the interfaces of these fields. Its Investment Team consists of exceptionally qualified senior executives and technology specialists with a track record of building world-class, technology-oriented companies. PolyTechnos utilizes its insights, expertise, and networks to impact its investments. The company was founded in 1998 and currently advises funds totaling over € 185 million in assets. For more information on PolyTechnos, please visit www.polytechnos.com.
For further information, please contact:
Stefanie Nagel
PolyTechnos Venture-Partners GmbH
Promenadeplatz 12
80333 Munich, Germany
E-mail: stefanie.nagel@polytechnos.com
www.polytechnos.com
Tel.: +49-89-2422-6210
Tracey Stephens
Plastic Logic Limited
34 Cambridge Science Park
Milton Road
Cambridge CB4 0FX, United Kingdom
E-mail: tracey.stephens@plasticlogic.com
www.plasticlogic.com
Tel.: +44 (1223) 706004
Reprinted with premission.
Copyright PolyTechnos Venture-Partners GmbH.
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