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Cambridge, UK based graphene startup, Paragraf, has closed a £12.8 million (~$16M) Series A round of funding led by early stage VC Parkwalk. Also investing this round: IQ Capital Partners, Amadeus Capital Partners and Cambridge Enterprise, the commercialisation arm of the University of Cambridge, plus several unnamed angel investors.
The funding will be used to bring the 2015-founded Cambridge University spin out’s first graphene-based electronics products to market — transitioning the startup into a commercial, revenue-generating phase.
Paragraf - Seed - Raise - Year - CEO
When we covered Paragraf’s $3.9M seed raise just over a year ago CEO and co-founder Dr Simon Thomas told us it was looking to raise a Series A ahead of Q3 2019 so the business looks to be right on track at this stage.
During the seed phase Paragraf says it was able to deliver a manufacturing facility, graphene layer production and first device prototypes “significantly” ahead of plan.
Focus - Products - Volume - Device - Production
It’s now switching focus to products — with strategic volume device production partners, and commercialisation of its first device: A super-high sensitivity magnetic field detector which it says operates over temperature, field and power ranges “that no other device can currently achieve”.
Commenting in a statement, Thomas added: “I am extremely proud of the young team at Paragraf who have collectively delivered the early strategy milestones with great skill. This next phase will allow Paragraf to make these truly game-changing technologies a reality. Paragraf is continually seeking like-minded collaborative development, production and commercial partners to accelerate the delivery of the many exciting electronics technology opportunities graphene has to offer.”
In terms of the...
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