Plastic Logic (www.plasticlogic.com) today announced it has raised a new round of $50 million in equity finance led by existing venture capital investors Oak Investment Partners and Amadeus Capital Partners, joined by its previous world-class investors (http://www.plasticlogic.com/investors.html). Plastic Logic is the developer of industry-leading products and services to access, organize and consume digital information, based on its pioneering plastic electronics technology. To date, the company has raised more than $200 million.
Since its founding in 2000 by leading researchers out of the Cambridge University Cavendish Laboratory, (http://www.plasticlogic.com/founders.html) Plastic Logic has developed broad and deep intellectual property in plastic electronics, essentially a semiconductor replacement technology that has broad applicability across many markets. The Company’s first product implementation solves critical issues in manufacturing flexible, thin, highly scalable plastic displays that are lightweight, offer high viewing quality and low power consumption. Plastic Logic plans to enter the market with a consumer electronics device (http://www.plasticlogic.com/product.html) incorporating this groundbreaking display technology in early 2009.
“We are approaching very significant milestones in the creation of the plastic electronics industry with the opening of our Dresden plant and the pending launch of our first commercial consumer electronics product,” said CEO Richard Archuleta. “This new investment will enable expanded business operations in support of our first commercial product early next year while we continue to develop our IP to deliver on our broader long-term vision.”
“We have placed a big bet that plastic electronics is, indeed, a game-changing technology. Over time, the markets and possibilities for plastic electronics are endless,” said noted technology investor Hermann Hauser of Amadeus Capital.
Plastic Logic maintains research and development in Cambridge, England, (http://www.plasticlogic.com/uk.html) and is bringing online a new high-volume, state-of-the-art manufacturing facility in Dresden, Germany (http://www.plasticlogic.com/germany.html) that is scheduled to open Sept. 17, 2009. The Company also recently established a Mountain View, California, (http://www.plasticlogic.com/usa.html) headquarters for management, product engineering, product supply chain, sales and marketing.
New Management Appointments
Recent appointments to the Plastic Logic Silicon Valley management team (http://www.plasticlogic.com/management.html) include several seasoned industry executives. They are:
Daren Benzi, Vice President, Business Development
Benzi joins Plastic Logic as vice president of business development with extensive industry experience. He previously served as vice president of sales development and strategy at DirecTV, and held senior business development, sales and strategy positions with News Corporation and The Walt Disney Corporation. He is also an attorney with FCC experience.
Frank Canova, Vice President, Product Engineering
Canova brings over 20 years of experience at IBM, Cirrus Logic, Palm, Wheels of Zeus, Reactrix and Livescribe. At IBM, he managed mobile products, including the ThinkPad. He was vice president of worldwide product engineering for Palm, were he led hardware development for the PalmPilot, Palm III, V and VII. He holds more than 40 patents.
Joe Eschbach, Vice President, Marketing
Eschbach, vice president of marketing, brings over 20 years of experience in high-tech marketing with leading industry companies, including Apple, Radius, Mitsubishi, Adobe, and Microsoft. Most recently he served as vice president of Adobe’s ePaper Division. At Microsoft he was vice president of Information Worker Marketing.
Raphaël Gernez, Vice President, Supply Chain
Gernez brings 20 years of operational experience in consumer PC and flat panel TV businesses. He served as vice president of Global Sourcing for Circuit City and spent 19 years at Hewlett-Packard, where he was General Manager of the HP Flat Panel TV global business unit.
Plastic Logic continues to look to attract high caliber scientists, engineers, marketing, product supply chain, business and management talent in all three locations to support its rapid growth. For more information on Plastic Logic jobs (http://www.plasticlogic.com/careers.html), go to www.plasticlogic.com.
About Plastic Logic
Plastic Logic’s mission is to lead a revolution in the way people acquire, organize and consume information. We are using our proprietary technology leadership in plastic electronics to create a range of products enabling immediate information access, organization, and consumption. Our first product, focused on reading digital content, will enter the marketplace in early 2009.
Founded in 2000 by researchers out of the Cambridge University Cavendish Laboratory, the Company has received more than $200 million in funding from leading international technology firms and investors. Plastic Logic has research and development in Cambridge, England, high-volume, state-of-the-art manufacturing in Dresden, Germany, and executive management, product engineering, sales and marketing headquartered in Mountain View, California. For more information please go to http://www.plasticlogic.com.
Contacts:
Betty Taylor, 408-918-9082 (Media)
bettyt
at krause-taylor.com
