Plastic Logic will use the investment, from Oak Investment Partners and Tudor Investment Corporation, to build a factory that will produce devices which it hopes will revolutionise the way we consume information.
Other investors include Amadeus, Intel Capital, Bank of America, BASF Venture Capital, Quest for Growth and Merifin Capital.
The company, which span out of Cambridge University, originally received seed funding from Amadeus in 2000.
The new funding, one of the biggest ever European VC deals, will be used to build a factory in Dresden, Germany, to produce its ‘take anywhere, read anywhere’ products on a commercial scale.
The company aims to produce over 40m portable electronic reader devices by 2010 and production is due to commence in 2008.
John Mills, chief operating officer at Plastic Logic, said: “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.
“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.”
Simon Jones, vice president of Product Development at Plastic Logic, added: “Even in this age of pervasive digital content, our research shows that consumers are very reluctant to read on laptops, phones and PDAs.
“We believe there is a substantial unfulfilled need that Plastic Logic can meet by making digital reading a comfortable and pleasurable experience.”
© Crimson Business Ltd. 2007
