The equity funding round was led by Oak Investment Partners and Tudor Investment Corporation.

The other investors were Amadeus, which led Plastic Logic’s seed financing, Intel Capital, Bank of America, BASF Venture Capital, Quest for Growth and Merifin Capital.

Cambridge-based Plastic Logic is a spin-out from Cambridge University and has more than 60 staff. It will invest the funds into the construction of the first factory to manufacture plastic electronics commercially, which will be based in Dresden, Germany.

The factory will make flexible electronic display modules for reading. Production will start in 2008 with an initial capacity of more than one million display modules per year.

‘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,’ says chief operating officer John Mills. ‘The battery will last for thousands of pages so you can leave your charger at home.’