Plastic Logic, based in Cambridge, England, completed a first closing of $100 million equity finance led by Oak Investment Partners and Tudor Investment Corporation. Existing investors Amadeus, which led the seed financing of Plastic Logic, Intel Capital, Bank of America, BASF Venture Capital, Quest for Growth and Merifin Capital also participated. The financing is one of the largest in the history of European venture capital.
"Plastic Logic has created a pioneering technology that will revolutionize the way that people interact with their media on the move," said Bandel Carano, Managing Partner at Oak.
Plant in Dresden
The new facility will be located in Dresden in eastern Germany and will produce display modules for portable electronic reader devices. The product category that is predicted to grow to 41.6 million units in 2010. The plant will have an initial capacity of more than a million display modules per year, with production scheduled to start in 2008. Dresden in the 'Silicon Saxony' region of eastern Germany has been chosen as the facility location following an extensive worldwide site selection process.
A Reader to Replace Newspapers and Books
"Our displays will enable electronic reader products that are as comfortable and natural to read as paper whether you're on a beach, in a train or relaxing on the sofa at home." stated John Mills, Chief Operating Officer at Plastic Logic. "Wireless connectivity will allow you to purchase and download a book or pick up the latest edition of your newspaper wherever you are and whenever you need it. The battery will last for thousands of pages so you can leave your charger at home."
"Even in this age of pervasive digital content, our research shows that consumers are very reluctant to read on laptops, phones and PDAs," said Simon Jones, vice president of product development at Plastic Logic. "We still carry around enormous amounts of paper. However, people are making less room in their lives for the weight and bulk of paper and are becoming more sensitive to the environmental impact of printing to read. We believe there is a substantial unfulfilled need that Plastic Logic can meet by making digital reading a comfortable and pleasurable experience."