As part of its acquisition of Plymouth-based UK tech firm, Plessey Semiconductors, London’s Haylo Labs has pledged to invest over £100 million in the UK within the next five years. This investment is intended to expand Plessey’s manufacturing capabilities and develop its workforce.
The deal is expected to reinforce the UK’s position in immersive computing and next generation technology, coinciding with a forecast that the international microLED market will grow from £2.7 billion in 2024 to more than £592 billion by 2034. This growth is driven by demand in augmented reality and virtual reality, automotive displays, and premium consumer electronics.
Keith Strickland, Chief Executive of Plessey Semiconductors, said: “The Haylo Labs acquisition will accelerate Plessey’s commercial scaling, bringing transformative microLED and optical computing technologies to the global market. We are focused on expanding our manufacturing footprint here in Plymouth and strengthening our engineering talent pool. This investment underscores our commitment to sustainable growth and innovation in the UK.”
Plessey Semiconductors, which was established in 1956, is one of Europe’s oldest semiconductor companies. With a team of 270 people, Plessey has an integrated platform for the design, manufacture, and engineering of display technologies. This in-house capability and its intellectual property portfolio have enabled the company to scale its microLED production.
Haylo Ventures is a venture operator that creates and scales deep technology businesses, concentrating on the microLED, optical compute, and interconnect sectors. This acquisition deal received approval from the UK government and was supported by a £100 million five-year loan from Goertek, a Chinese technology company that develops and manufactures acoustic and optical components.
David Hayes, Chief Executive and Co-Founder of Haylo Labs, commented: “This is a defining moment for British tech. Plessey has built the world’s most advanced microLED platforms, with the highest efficiency to date, and is one of the only facilities in the world that can offer customers an end-to-end design and manufacturing facility with technology and talent that surpasses rivals anywhere globally. This acquisition is not just about backing British innovation; it’s about unlocking its global potential in one of the fastest-growing markets over the next decade.”
Image source: LinkedIn (David Hayes, CEO and Co-Founder, Haylo Labs)
