CORRECT: UK chipmaker Pragmatic in GBP150 million funding talks - Sky
(Clarifying that Sky News reported on Sunday, not on Monday.)
(Alliance News) - Pragmatic Semiconductor Ltd is in discussions regarding a substantial capital injection, Sky News reported on Sunday.
The Cambridge, England-based semiconductor manufacturer is in talks with JPMorgan investment bankers about a fundraise totalling around GBP150 million.
Sky said the deal is expected to complete in the coming months and to help Pragmatic "get close to, or even attain" a unicorn valuation. The firm is seeking "to compete more aggressively with American and Asian rivals," it noted.
Pragmatic, which specialises in silicon-free chips, is understood to have been in talks with new and existing investors "for several weeks". One source told Sky News that the capital injection "could yet be significantly increased" and made "comparable in size" to a GBP182 million share disposal Pragmatic announced in 2023.
The firm counts the National Wealth Fund, M&G Investments and Northern Gritstone among its investors. The latter is chaired by UK peer Jim O'Neill, who has been tapped by Andy Burnham as the likely next prime minister's chief economic adviser.
Sky also noted that Pragmatic Chief Executive Officer David Moore sees a stock market flotation as "a logical aspiration" for the chipmaker, as he recently told The Times.
Sky News said a Pragmatic spokesperson declined to comment on the matter.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
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