Cambridge Uni 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.
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.
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.”
This is where Paragraf aims to come in — claiming to be the first company to deliver IP-protected graphene technology using what it bills as “standard, mass production scale manufacturing approaches”.
It also says its first sensor products have demonstrated “order of magnitude operational improvements over today’s incumbents”.