News Hub

Pragmatic to launch £100m fundraiser for US expansion, reconfirms commitment to UK semiconductor sector

Written by Thu 10 Aug 2023

UK-based semiconductor firm Pragmatic is set to launch a £100 million ($127.6 million) fundraising effort to drive its expansion into the US. The company also reconfirmed its intentions to ‘continue scaling manufacturing in the UK’.

In an article by The Telegraph, the publication suggested that Pragmatic ‘plots to move away from the UK’.

The semiconductor firm refuted these claims on LinkedIn: “It is great to have Pragmatic covered in The Telegraph, however, the article (and in particular the headline) does not accurately reflect Pragmatic’s position.”

The firm said that its business plan has always included international expansion of its manufacturing footprint.

“We also intend to continue scaling manufacturing in the UK to serve both domestic and export markets,” added Pragmatic.

Pragmatic recently invested in its new Pragmatic Park site in Durham, housing its second fabrication, with space for at least eight more.

“[We are also] pleased to see the UK Government’s repeated commitment to support for semiconductor manufacturing by the autumn,” said Pragmatic.

The semiconductor firm will be represented in the UK’s new Semiconductor Advisory Panel, formed with the intention of growing the domestic semiconductor sector, mitigating the risk of supply chain disruptions and protecting national security.

“It will need strong focus to ensure that planned interventions meet the objectives of the semiconductor strategy, but I look forward to working with my colleagues on the panel to help the government achieve these goals and enable the sector to deliver sustained long-term value for the UK,” said Scott White, Executive Director of Pragmatic.

In May, the UK announced a £1 billion ($1.2 billion) investment into the country’s semiconductor sector, which will be split over the next 10 years. This announcement received mixed reactions from the industry.

In comparison, the US is set to invest £39.2 billion ($52 billion) through the CHIPS act, and the EU will invest £37 billion ($47.2 billion).

Hungry for more tech news?

Sign up for your weekly tech briefings!

Written by Thu 10 Aug 2023

Send us a correction Send us a news tip