The Venture Codex

Led · Equity · Oct 2025

aXenic Ltd is a UK company specialising in the design, development and production of lithium-niobate optical modulators that enable high-speed data transmission for Low Earth Orbit (LEO) satellite constellations, aerospace and defence applications. Its modulators are already deployed by major European satellite and aerospace manufacturers, international space agencies and newer entrants in the global sat-comms market. The firm positions its technology as lighter, more power-efficient and more reliable than legacy solutions, critical attributes for LEO satellites. Led by CEO Stephen Clements, aXenic intends to use newly secured capital to expand manufacturing operations and accelerate product development. Although revenue and user figures were not disclosed, the presence of established industry customers signals early commercial traction. The company’s strategy centres on scaling production capacity to meet growing demand from next-generation satellite networks and adjacent sensing markets. Continued investment in R&D is expected to maintain its technological edge and broaden its product portfolio.

Participated · Equity · Nov 2024

PervasID is a Cambridge, UK-based company that designs and supplies passive RFID fixed reader systems for automating inventory tracking, stock taking and asset management. Its patented products enable organisations to provide visibility into goods, assets and people and streamline processes across a wide range of markets. The company is working with global retailers and businesses within the aerospace, health and manufacturing sectors to deliver real-time inventory location tracking across multi-country infrastructures. Led by CEO Peter Oram, PervasID combines hardware solutions with a software product offering in data analytics. The company intends to use the £3.25M funding to expand its customer base following increasing demand from large customers in retail and aerospace and to enhance its data analytics software to complement its hardware. The article does not disclose operating metrics such as revenue or user counts. PervasID developed a patented passive RFID technology, pioneered at the University of Cambridge, that enables highly reliable reading of standard passive RFID tags with almost 100% detection. Its system provides location information across wide-area read zones, can scale to cover shops and warehouses, and can integrate with alarm systems to help detect theft. The company sells to corporate customers and now counts over 30 corporate clients using its technology. PervasID plans to use new funding to grow its delivery team and expand into healthcare, retail and industrial sectors while continuing product innovation. The business is based at St John’s Innovation Centre in Cambridge and was founded in 2011. Since an initial funding round in 2016 it has expanded its product offering and market applications. PervasID develops a passive UHF RFID reader technology that reliably reads standard off‑the‑shelf passive UHF RFID tags and can provide location information within a wide-area read zone. The company's system achieves almost 100% detection over areas up to 400 square meters and can scale to larger spaces such as shops and warehouses. PervasID has significant commercial engagement across retail, security and logistics sectors. The company plans to accelerate its sales pipeline and to develop next‑generation products. Leadership says the recent funding will enable delivery on short‑term sales opportunities and take the business to the next level.

Led · Equity · Apr 2023

Storage Place Ltd (TSP) operates warehouses across the UK and has shifted from its original heavy industry and automotive distribution focus to concentrate on e-retail order fulfilment. Founded in 2002, the company is described by investors as fast-growing and highly profitable. TSP secured a £400,000 investment to open a new facility in County Durham and to support regional expansion. The new facility is expected to create up to 40 jobs in the North East. Management says the funding will help expand regional operations and support further job growth. The company’s product is primarily cost-effective order fulfilment services for e-commerce customers including Amazon sellers.

Participated · Series C · Dec 2022

Pragmatic Semiconductor develops flexible integrated circuits (FlexICs) that are thinner than a human hair and can be invisibly embedded to add intelligence to everyday objects. Led by CEO David Moore, the company says its FlexIC technology enables novel solutions not possible with conventional electronics. Pragmatic has built a large-scale manufacturing facility, Pragmatic Park, in Durham and is expanding production capacity by adding 3rd and 4th fabrication lines. Over the next five years it anticipates building at least eight manufacturing lines in the UK and creating over 500 highly skilled jobs in the North East and Cambridge. Each line is capable of producing billions of chips for applications across consumer, industrial and healthcare sectors, with use cases including item-level intelligence for smart packaging (to improve reuse and recycling), wearables, sensors and flexible controllers. The company completed a first close of its Series D for £162m ($206m) with a limited second close of £20m ($25m) already allocated, funds intended to accelerate its UK expansion. Pragmatic Semiconductor develops thin-film semiconductors to produce flexible integrated circuits that are thinner than a human hair and manufactured without silicon. Its chips are significantly cheaper and faster to produce than silicon chips and can be embedded into almost anything to add connectivity and intelligence. The technology enables mainstream applications as alternatives to silicon and new applications not possible with silicon. Example uses include RFID and NFC to give objects unique digital identities and enable interaction with their environment. Led by CEO Scott White, the company plans to use new capital to accelerate and expand its growth plans. The company is based in Cambridge, UK. PragmatIC Semiconductor is a UK-based developer of ultra low-cost flexible integrated circuits. Its ConnectIC family of RFID and NFC integrated chips can be embedded into packaging to store and relay information to devices such as smartphones. The technology enables smart packaging applications across the product lifecycle, including manufacturing, supply chain management, consumer engagement, and material recovery. PragmatIC positions its products as operating beyond the scope of conventional electronics and targeted at packaging integration. The company is pursuing partnerships to integrate its flexible ICs into more sustainable packaging solutions, highlighted by a strategic investment from Amcor. At the time of the investment, PragmatIC was in the midst of a Series C funding round totaling more than USD$90 million, into which Amcor committed USD$5 million. PragmatIC Semiconductor designs and manufactures ultra-low-cost flexible integrated circuits (FlexICs) and runs a FlexIC Foundry service for application-specific flexible devices. Its ConnectIC product line targets mass-market RFID/NFC and other Internet of Everything use cases, and the company demonstrated flexible microprocessors including a 6502 and PlasticArm. PragmatIC produces FlexICs on its FlexLogIC production system, which it says delivers high-volume production with orders-of-magnitude lower capex and operating cost compared with traditional silicon fabs and a minimal carbon footprint. The company is headquartered in Cambridge, UK, with manufacturing operations in the North East of England. PragmatIC plans to scale capacity via a second FlexLogIC fab (FlexLogIC-002) and to roll out a distributed global network offering Fab-as-a-Service for dedicated on-site production. The business says this expansion will support its commercial ramp and enable mass deployment of smart items at very low cost. PragmatIC Printing develops and manufactures flexible integrated circuits (flexICs) designed to fit into existing supply chains. Its flexICs target applications such as intelligent packaging for fast-moving consumer goods and wireless traceability of documents for security and identification. Customers include large multinational companies across consumer goods, packaging, security printing and mainstream electronics. The company operates a production facility at the National Centre for Printable Electronics in Sedgefield. Led by CEO Scott White, PragmatIC plans to accelerate development and commercialization of its flexIC technology. The article reports a new £18m funding round to support these efforts.

Participated · Series C · Dec 2022

Pragmatic produces ultra-thin, flexible integrated circuits using thin-film semiconductors as a silicon-free alternative, enabling chips thinner than a human hair. Its manufacturing approach is significantly cheaper and faster than silicon chips and supports embedding connectivity and intelligence into everyday objects. Example use cases cited include RFID and NFC to give objects unique digital identities and environmental interaction. The company emphasizes a low carbon footprint, rapid production cycles, and the potential to localize semiconductor manufacturing and support net-zero product lifecycles. Pragmatic is expanding capacity with a second fabrication line to enable 5x production and plans to break ground on a new 15-acre production site in Durham while doubling its Cambridge footprint (with an option to double again). The firm says recent investor support is a vote of confidence in its technology and business traction. PragmatIC Semiconductor develops ultra-low-cost flexible electronics, including its ConnectIC family of flexible integrated circuits (FlexICs) and a FlexIC Foundry offering for customers and designers. Its FlexLogIC production system is a highly scalable manufacturing model that enables cost-effective high-volume production with much lower capital and operating cost than traditional silicon fabs. PragmatIC’s FlexICs target mass-market applications across consumer goods, games, retail, pharmaceutical and security, enabling new classes of smart, disposable or ubiquitous devices. The company plans a second FlexLogIC fabrication line in the North East of England to expand capacity and meet rapidly growing demand. That expansion is supported by $80 million in funding and the company expects to more than double its team over the next 12 months. PragmatIC is headquartered in Cambridge, UK, with manufacturing operations in the North East. Shareholders include Cambridge Innovation Capital, Arm, Avery Dennison and a select group of individual investors. PragmatIC's core product line comprises FlexICs, including the newly shipping ConnectIC family (PR1101 and PR1102) for closed RFID systems. The ConnectICs are ultra-thin, flexible ICs designed to be embedded into substrates such as paper and plastic and to work with single-layer antennas to reduce inlay complexity and cost. PragmatIC's platform is built on a portfolio of patented technologies aimed at enabling smart packaging for high-volume fast-moving consumer goods and other mass-market applications. The company has begun shipping ConnectIC products to partners and expects rapid expansion as global brand customers pursue traceability and interactivity. Management says the low-cost positioning addresses previous barriers that limited smart packaging to higher-value items. The recent funding is intended to support increased production of the FlexICs.