Paragraf completed a $55 million Series C funding round in August 2025, led by Mubadala Investment Company.

The company previously raised $60 million in a Series B round in March 2022, following a Series A that was increased to £16.2 million in December 2019. Its initial funding originated from a £2.9 million seed round in May 2018.

Key investors include New Science Ventures, Parkwalk Advisors, Amadeus Capital Partners, IQ Capital, Molten Ventures, British Patient Capital, In-Q-Tel, and Cambridge Enterprise. Paragraf has raised approximately $139 million in total funding across all rounds, making it one of the most capitalized graphene electronics companies globally.

Paragraf produces graphene-based electronic devices using a proprietary metal-free chemical vapor deposition process that grows monolayer graphene directly on silicon wafers. This process eliminates the transfer steps associated with other graphene production methods and integrates with standard semiconductor fabrication processes.

The company's Graphene Hall Sensors function across temperature ranges from millikelvin to 350K and measure magnetic fields up to 30 Tesla with sub-microTesla resolution. Users connect the sensor chips to standard data acquisition equipment via voltage pins to obtain linear magnetic field readings. These sensors are used in quantum computing dilution refrigerators, EV battery management systems, and space applications where radiation renders silicon alternatives ineffective.

Paragraf's Graphene Molecular Sensors are field-effect transistors that researchers can chemically functionalize to detect specific molecules in liquids or gases. The devices are provided as 3-channel chips on edge-connector boards with epoxy wells for direct sample application. Users apply samples to the graphene surface via pipette and measure conductivity changes when target molecules bind to the functionalized surface.

Both product lines utilize the same wafer-scale graphene growth technology, enabling Paragraf to produce thousands of devices per production run using conventional semiconductor packaging and testing equipment.

Paragraf operates as a vertically integrated graphene electronics manufacturer with a B2B go-to-market model targeting research institutions, OEMs, and industrial customers. The company manages the entire value chain, encompassing graphene growth, device fabrication, and packaging.

Revenue is generated through several channels: direct sales to quantum computing companies and automotive OEMs, research-focused sales to universities and national labs, and e-commerce transactions via its online store. Pricing reflects a premium model, aligned with the specific performance advantages graphene offers in extreme environments where silicon-based solutions are ineffective.

The business model incorporates high switching costs, particularly for customers integrating Paragraf's sensors into systems such as cryogenic quantum computing applications, where sensors must function at millikelvin temperatures. Manufacturing efficiency is driven by a wafer-scale process capable of producing thousands of devices per run, improving unit economics as production volumes increase.

In 2023, Paragraf acquired Cardea Bio, adding US manufacturing capabilities and molecular sensing intellectual property. This acquisition supports the company’s ability to address both magnetic and molecular sensing markets using a shared graphene platform, reducing reliance on any single application while optimizing R&D and manufacturing investments.

Graphenea produces graphene field-effect transistors for biosensing applications and offers foundry services for graphene device manufacturing. Their use of polymer-transfer graphene, however, results in lower yield and reliability compared to Paragraf's direct-growth method.

Grolltex, which holds patents for roll-to-roll graphene production, focuses on aerospace applications. Their copper-catalyst CVD process, though, encounters challenges in maintaining quality uniformity at larger wafer sizes. Versarien distributes graphene biosensor chips in Europe through partnerships with Korean suppliers, employing an asset-light model that may enable lower pricing but lacks the control provided by in-house manufacturing.

Traditional Hall sensor manufacturers such as Infineon, Allegro, and AKM compete primarily on cost and established supply chains. However, their sensors are unable to match graphene's performance in extreme temperature and high-field environments. These companies may still capture market share in less demanding applications where graphene's higher pricing limits adoption.

Lake Shore Cryotronics leads in cryogenic instrumentation, but their silicon-based sensors require additional amplification and shielding, which graphene-based alternatives eliminate. As quantum computing adoption grows, the performance benefits of graphene sensors become increasingly relevant despite their higher unit costs.

In biosensing, Paragraf faces competition from established companies developing alternative technologies for point-of-care diagnostics. The molecular sensing market is highly fragmented, with numerous competing approaches. While graphene's sensitivity offers a potential advantage, market adoption will depend on extensive education and validation efforts.

Paragraf is developing graphene-based memory devices through a £1 million Innovate UK grant, targeting ultra-low-power applications in data centers and edge AI systems. This expands its TAM beyond sensors into the broader semiconductor memory market, which was valued at $124 billion in 2022 (Statista).

The company's partnership with Tachmed integrates graphene sensors into at-home diagnostic cartridges connected to cloud-based AI platforms. This shifts Paragraf's role from component supplier to co-developer of diagnostic systems for chronic and infectious diseases, a market projected to reach $38 billion by 2027 (Grand View Research).

Advanced cryogenic sensors for quantum computing represent another expansion opportunity as qubit counts increase, driving demand for precise magnetic field mapping and control systems. The global quantum computing market is expected to grow at a 31.2% CAGR through 2030 (Allied Market Research).

EV battery safety regulations are driving demand for current sensing technologies capable of detecting thermal runaway conditions. Paragraf's sensors are designed to operate in high-temperature, high-EMI environments within battery packs, where traditional silicon-based sensors face performance limitations.

In space and nuclear applications, graphene's radiation hardness eliminates the need for heavy shielding required by silicon sensors. This enables entry into satellite, nuclear decommissioning, and high-altitude aviation markets, where weight reduction and reliability are critical. The global satellite market alone is forecast to reach $53 billion by 2030 (Fortune Business Insights).

The company is increasing its manufacturing footprint across the US, Europe, Middle East, and Asia following its US acquisition. This geographic diversification supports local customer needs while mitigating risks associated with export restrictions on advanced materials and quantum technologies.

Rising quantum computing investments in Europe and Asia are creating new demand for cryogenic sensors, while global automotive electrification trends are driving adoption of advanced battery management sensors. The global EV market is projected to grow at a 17.5% CAGR through 2030, reaching $1.1 trillion (Precedence Research).

Production scaling: Paragraf's wafer-scale graphene growth process has limited validation at high production volumes compared to established semiconductor manufacturing methods. Scaling from laboratory to industrial production could introduce quality control and yield challenges, which may affect customer adoption rates and unit economics.

Market timing: Several of Paragraf's target applications, including large-scale quantum computing and advanced EV battery management, are in nascent stages with uncertain adoption timelines. Slower-than-anticipated market development could constrain demand for graphene sensors to niche research use cases.

Technology displacement: Alternative approaches to extreme environment sensing may achieve comparable performance to graphene at lower costs. Advances in silicon sensor technology or the emergence of new sensing modalities could narrow the performance gap that supports graphene's premium pricing.