Imperial Innovations backs £5m round for Plaxica

Diana Petrowicz
27 September 2011

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Imperial Innovations Group has led a ТЃ5m finance round for technology and licensing company Plaxica in return for a 36.5% stake.

Also existing investors Invesco Perpetual and NESTA Investment supported the funding.

While Imperial and Invesco each invested £2.24m, NESTA committed £0.52m to the round.

Previously, Imperial Innovations participated with £400,000 in a £1m funding round for Plaxica. Carbon Trust Investments and NESTA invested alongside Imperial. In 2008, Imperial provided seed funding of £250,000 for the company.

Since the last funding round, Plaxica has built a second facility in the UK, in Wilton on Teesside for process development and demonstration purposes. The new capital will be used to further improve Plaxica's technology towards commercial implementation and licensing.

Company
Plaxica produces next generation biopolymers and platform chemicals from renewable resources. The products are applied in the fields of packaging, textiles, electronics and automobile parts. The company was founded in 2008 and is based in London and Wilton.

People
Susan Searle is CEO at Imperial Innovations and non-executive director of Plaxica.