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Home > News > Venture firms plan follow-on capital raising before IPO at Plastic Logic

August 4th, 2008

Venture firms plan follow-on capital raising before IPO at Plastic Logic

Abstract:
Venture capital investors Amadeus Capital Partners and Oak Investment Partners are planning to invest just one more round of capital into UK-based semiconductor company Plastic Logic ahead of a flotation after the latest $50m (32m) round. The company's investors in the latest round also included US hedge fund Tudor Investment Corporation, two technology captive arms Siemens Venture Capital and Intel Capital, two chemicals companies Dow Chemical and BASF as well as US bank Bank of America.

It is the firms' penultimate funding round into the company before a likely initial public offering helping to fund plant development costs at the company after a $100m funding round in January 2007. The company has yet to deliver its first revenues. Hermann Hauser, a director at Amadeus, which was a seed-round investor in the company, and a Plastic Logic director, said flotation was the likely exit route at the company, although the firms would consider other exit options dependent on price. The company's plastic semiconductor technology will firstly be used to manufacture e-books to compete with US internet company Amazon and Japanese technology company Sony rival products which use glass. The technology is based on research into plastics at Cambridge University's nanotechnology centre Cavendish Laboratory developed by the company's chief scientist Henning Serringhaus and his fellow Cambridge professor Sir Richard Friend. He said the two scientists may receive the Nobel Prize at some point in time for their work on the device. Amadeus was the first venture firm to back the company eight years ago.

Source:
penews.com

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