COMPANY PROFILE / BIOSENSORS
Paragraf
A UK start-up that grows graphene directly on wafers, makes the chips itself, and sells transistors for biosensor research
Paragraf is a UK company in Cambridgeshire that designs and manufactures graphene electronic devices. Using a proprietary method that grows graphene directly on the substrate instead of transferring it, it makes Hall-effect sensors that measure magnetic fields and graphene field-effect transistors (GFETs) that detect molecules. Its biosensor link is the second of these: it sells GFET chips for research, the three-channel PMF2000 and the 12-channel PMF2002, for detecting nucleic acids, proteins, ions and gases. We could not confirm that it sells a diagnostic product of its own. A potassium-detecting chip aimed at kidney-disease testing (Archer Materials) and cartridges for home testing (Tachmed) are being developed by its partners. This article draws on the company's website, press releases and product data sheets, and on its statutory accounts filed in the UK, to set out what could be confirmed and what could not, and then explains, from a materials engineer's view, what about a graphene device governs measurement.
- At a glance: Paragraf and its place in biosensors
- Logo and naming
- Where the company sits in biosensors
- Company scale
- Resources committed to biosensors
- Track record
- Plans
- What the company is aiming for in biosensors
- Partnership map for biosensors
- Technologies, products and services
- Risks
- Glossary
- References
- Claim-to-source audit
1. At a glance: Paragraf and its place in biosensors
Cambridgeshire, UK7-8 West Newlands. Manufacturing site in Huntingdon
(limited company)The company says it has raised more than US$150 million in total. Accounts are public
transistors (GFETs)Chips for detecting nucleic acids, proteins, ions and gases (research use)
magnetic sensors, quantum computingBeyond bio, uses include cryogenic Hall sensors and automotive
Paragraf's biosensor chip is a blank transistor on which the buyer decides what molecule to detect Sourced. The company explains that because the GFET's sensing surface is functionalized by the customer, the same platform can be set up for water quality, soil, gas or molecular biosensing (press release of 18 August 2026). In other words it sells not a finished test for blood glucose or a particular disease marker, but the device one step before that, and the factory that makes it. Diagnostic uses are being developed with Archer Materials (Australia), which aims at home testing for kidney disease, and Tachmed (UK), which makes home-test cartridges; no regulatory clearance or certification record could be confirmed Not yet confirmed. Nor does the company's product data or any application note include a glucose product or experiment. Glucose is mentioned only as an analogy in a 2023 column (blood glucose measurement as the rare case that combines precision with convenience) and in a plan, published by Cardea Bio before its acquisition in 2022, to measure glucose and other analytes in cell-culture fluid. The experiments the company's materials do show involve potassium ions, pH, gases, and DNA and protein interactions.
2. Logo and naming
The logo is the one published in the header of the company's website (paragraf.com), taken as it is (img/paragraf_logo.png). It has not been recreated with generated images.
Naming: the legal name is Paragraf Limited (a UK private company, registered in Somersham). The US company Cardea Bio, acquired in 2023, was renamed Paragraf USA (company press release). GFET is a product type (graphene field-effect transistor); PMF2000, PMF2002 and GFET-PV01 are model names, not company names. TachShield is a product name of its partner Tachmed. The company describes its origin as "established in 2018, following initial development work at the University of Cambridge," but Companies House shows incorporation on 25 November 2015; the two do not agree, and this article gives both. The company states on its website that it is certified to ISO 9001:2015 and ISO 45001:2018.
Official site: https://www.paragraf.com/3. Where the company sits in biosensors
Paragraf's primary type is materials & components. It has no secondary type (as far as could be confirmed, it does not sell finished diagnostic tests or measuring instruments itself). Its biosensor product is a graphene field-effect transistor (GFET) chip: a voltage is applied through an electrolyte, and the electrical change that occurs when molecules attach to the graphene surface is read out. The table sets out which materials and uses are central, as far as the company's documents allow.
| Material / use | Role at Paragraf | Primary sources found | Status |
|---|---|---|---|
| GFETs for molecular sensing (PMF2000, PMF2002) | Core (bio). PMF2000 has three channels and PMF2002 has twelve. For research and sensor development; the buyer attaches the molecule to be detected. Sold through an online store | Molecular sensors page; PMF2000 data sheet (edition of 6 May 2026); press releases (12 May and 18 August 2026) | Sourced |
| Previous-generation GFET-PV01 | Predecessor of the PMF2000 (the company calls the PMF2000 its successor). The device used in the application notes on pH, potassium, potassium in serum, pyrene modification and acetone gas | Product brochure (2024); five application notes | Sourced |
| Diagnostic uses (developed by partners) | A potassium-ion chip for home testing for kidney disease (Archer Materials) and cartridges for home testing (Tachmed). Both are in development; no product launch could be confirmed | Company press releases (two, 28 May 2025) | Sourced (partnership announcements) |
| Technology from Cardea Bio | A US biosensor company acquired in 2023. The company says it took on IP for molecular detection using CRISPR and other methods, and the people. The San Diego site is Paragraf USA | Press release (2 May 2023); peer-reviewed paper (Advanced Materials, 2026) | Sourced |
| Graphene Hall-effect sensors (GHS) | A separate business: magnetic-field sensors for cryogenics, quantum computing, automotive and other uses. Not covered here | Company home page | Sourced |
| Contract 2D-materials foundry | Contract deposition of graphene and similar materials and device manufacture to a customer's design | Company website; press releases | Sourced |
| Blood glucose, continuous glucose monitoring, wearables | Not confirmed in the company's materials. The product data and application notes make no mention of blood glucose | – | Not yet confirmed |
4. Company scale
Paragraf is privately held, but consolidated accounts under UK company law are filed at Companies House. The table gives figures for the year ended 31 December 2025 (1 January to 31 December 2025), in pounds sterling (£) as stated Sourced. The accounts were filed as scanned images, so the figures were read from the page by eye, and no breakdown for biosensors alone is disclosed.
| Item (consolidated) | Year to December 2025 | Year to December 2024 |
|---|---|---|
| Revenue | £506,455 | £319,563 |
| Product sales | £300,005 | £307,745 |
| Non-recurring engineering | £206,450 | £11,818 |
| Other operating income | £1,031,432 (grants £934,659; R&D expenditure credit £80,501; sale of scrap metal £16,272) | £791,598 |
| Total income | £1,537,887 (the company says it rose 38%) | £1,111,161 |
| Employee benefits expense | £7,448,380 | £7,788,845 |
| Depreciation and amortisation | £8,540,844 | £6,407,702 |
| Operating loss | £21,012,114 | £19,339,381 |
| Loss for the year | £20,537,240 | £19,851,477 |
| Cash and cash equivalents (year-end) | £2,979,426 (net cash outflow of £4,169 thousand) | £7,184,492 |
| Net assets | £48,087,210 (intangible assets £33,145,285; property, plant and equipment £19,997,407) | £53,392,889 |
| Employees (monthly average, including directors) | 108 (technology and IP 52; operations and commercial 47; finance, HR and administration 7; directors 2) | 115 |
| Our calculation | Value |
|---|---|
| Non-recurring engineering as a share of revenue | About 40.8% (206,450 ÷ 506,455) Our calculation |
| Share of revenue from "rest of world" (outside the UK, North America, Europe and Asia) | About 68.4% (346,263 ÷ 506,455). It was 0% in 2024, when North America was 72.6% Our calculation |
| Grants as a share of total income | About 60.8% (934,659 ÷ 1,537,887) Our calculation |
Revenue is in the hundreds of thousands of pounds, and the operating loss is about 41 times revenue Our calculation (21,012,114 ÷ 506,455). The auditor (Saffery LLP) concluded that the directors' use of the going concern basis is appropriate and that it had identified no material uncertainties that may cast significant doubt on the group's ability to continue as a going concern (auditor's report). After the year-end, further shares were issued (£5,000, £3,999,994 and £1,838,235 in January to March 2026), and in March 2026 subsidiaries were set up in China and the UAE. The accounts do not give sales by product stream (magnetic sensors, molecular sensors, solid-state devices). Sales of biosensor GFETs cannot be confirmed Not yet confirmed.
5. Resources committed to biosensors
People and spending for the biosensor activity alone are not disclosed. The table separates company-wide figures from the sites and partnerships that bear directly on biosensors, under people, money, outside stakes and universities.
| Item | What could be confirmed | Status |
|---|---|---|
| People (R&D sites and headcount) | An average of 108 people in 2025, of whom 52 in technology and IP. Sites: Somersham, UK (head office; MOCVD equipment), Huntingdon, UK (manufacturing site, the "foundry"), and San Diego, US (Paragraf USA, the former Cardea Bio's bio lab). The company describes "five sites on three continents (UK, US, China and the UAE)." Headcount for biosensors alone is not disclosed | Sourced / not disclosed |
| Money (R&D and capital spending) | R&D expensed was £1,202,705 (prior year £1,052,435) and development costs capitalized were £656,819 (prior year £424,362). Property, plant and equipment is £19,997,407 and lease liabilities are £8,713,877. Funding: seed £2.9m (2018), Series A £12.8m (March 2019) raised to £16.2m (December 2019), Series B US$60m (1 March 2022) and Series C US$55m (25 August 2025). The company's website gives the total as US$140 million (About page) and "more than US$150 million" (2026 press releases), which do not agree. Investment specific to biosensors is not disclosed | Sourced / not disclosed |
| Investments, acquisitions, joint ventures | Acquired the US company Cardea Bio on 2 May 2023 and renamed it Paragraf USA. Terms are not in the announcement. The accounts say the deal was treated as an asset acquisition rather than a business combination, because the value is concentrated in patents and development technology. Investors named in funding announcements include Cambridge Enterprise, Parkwalk, Amadeus, IQ Capital, Draper Esprit, New Science Ventures, In-Q-Tel and British Patient Capital. No stakes in other companies could be confirmed | Sourced / not confirmed (stakes in others) |
| Universities, research institutions, public funding | The company came out of research at the University of Cambridge (company statement). In 2025 it began an Innovate UK-funded collaboration with the University of Cambridge on a memory device combining ferroelectric materials and graphene transistors (not a biosensor). It received grants of £934,659 in 2025 (project breakdown not disclosed). In September 2026 it joined Korea's K-Graphene Commercialisation Council as the only international member. Public funding specific to biosensors could not be confirmed | Sourced / not confirmed (individual projects) |
Regulatory and quality position
Paragraf's biosensor chips are research and development components: the data sheet says each is single-use and not designed for non-industrial or non-research environments, outdoors, wet conditions or explosive atmospheres. There is no statement that they are sold as diagnostics or medical devices. The table gives what could be confirmed from public regulatory data and from the company's and its partners' materials (this article does not give advice on diagnosis, treatment or how to read measured values).
| Subject | Use / content | Category | Date |
|---|---|---|---|
| PMF2000 and PMF2002 (GFETs) | For research and sensor development. Data sheet: "single-use"; use outside industrial or research environments is outside the design intent | Research component. Classification as a medical device or in vitro diagnostic could not be confirmed | Data sheet edition of 6 May 2026 |
| Archer Materials' Biochip (potassium-ion chip) | Aimed at home testing for kidney disease; built on Paragraf's GFET. Two stages of three months each, estimated total cost £222,000 (according to Paragraf's page) | In development. Any clearance or certification record could not be confirmed | Announced 19 May 2025 |
| Tachmed's home-test cartridges (TachShield) | The announcement says the companies will co-develop next-generation diagnostic tests based on GFET biosensors and scale up supply of home-test cartridges | In development. Any clearance or certification record could not be confirmed | Announced 28 May 2025 |
| FDA databases | Searching FDA's open data (openFDA) for "Paragraf" and "Tachmed" as applicant in 510(k), PMA and device registration found no matches. "Cardea" matched only an unrelated company (Cardea Associates, 2013). De Novo was not checked because the search options are limited | No match (this does not mean no authorization exists) | Checked October 2026 |
| Quality management | The website says the company is certified to ISO 9001:2015 and ISO 45001:2018 (certification body and registration numbers not checked) | Private third-party certification (not a regulatory approval) | – |
6. Track record
| When | Event | Meaning |
|---|---|---|
| 2015–2018 | Incorporated on 25 November 2015 (Companies House). In 2018, as a spin-out of the University of Cambridge, closed a £2.9m seed round (led by Cambridge Enterprise, the university's commercialization arm) | Starting point of commercializing graphene devices |
| 2019 | Series A of £12.8m (March), raised to £16.2m with a further £3.4m (December; Draper Esprit joined) | Funding to bring the first products (Hall-effect sensors) to market |
| March 2022 | Series B of US$60m (led by New Science Ventures). The company said a graphene biosensor aimed at transforming clinical point of care was in the pipeline | The first announcement placing biosensors as the next pillar |
| 2 May 2023 | Acquired Cardea Bio of San Diego and renamed it Paragraf USA, taking on IP for molecular detection using CRISPR and other methods | Gaining biosensing know-how and people |
| 2024 | Published the GFET-PV01 product brochure (© 2024) and application notes (pH, potassium, pyrene modification, acetone gas) | Selling to researchers and preparing usage guides |
| May 2025 | Archer Materials partnered on a potassium-detecting chip (19 May); Tachmed partnered on home-test cartridges (28 May) | Diagnostic uses pursued through partners |
| August and December 2025 | Series C of US$55m (25 August). First 6-inch wafer produced at Huntingdon (22 December) | Expanding manufacturing capacity |
| April–May 2026 | Application note on potassium detection in serum (April). PMF2000 data sheet (6 May). PMF2000 announced as the first device from the new Huntingdon plant (12 May) | The first product from the 6-inch silicon line |
| July–September 2026 | Peer-reviewed paper (Advanced Materials; online 12 July). PMF2002 and the Enterprise Reader announced (18 August). Joined Korea's K-Graphene Commercialisation Council (14 September). Filed accounts for the year to December 2025 (14 September) | Twelve channels, and international expansion |
7. Plans
and the Enterprise ReaderAnnounced on 18 August 2026. A reader for multi-channel simultaneous measurement, sold as a set
foundry and automating itNamed a top priority in the strategic report for 2025. Volume production on 6-inch wafers
Tachmed's cartridgesDeveloped by partners. Tachmed's priority markets are the Middle East, the UK, the US and Asia
and the UAE (March 2026)Post-year-end events in the accounts: LingXi (Shanghai) Microelectronics and Paragraf Technologies (UAE)
The company's published plans center on adding products, expanding manufacturing capacity and developing with partners; no specific sales targets or launch dates are given Not yet confirmed. The joint work with Archer is aimed at a target product profile for blood potassium sensing. Stage 1 covers optimizing the measurement protocol, improving quality checks on the chip and starting proprietary work on sensor surface functionalization; stage 2 covers redesigning from laboratory devices to chips closer to a product and improving sensor stability, lifetime and robustness (according to Paragraf's page). The page states that product-specific intellectual property will be owned by Archer.
None of the following appears in the primary sources Not yet confirmed.
When a diagnostic product will be launched / plans for regulatory submissions or clinical studies / sales or volume targets for biosensor GFETs / expansion into blood glucose or continuous glucose monitoring / capital spending (the investment in the Huntingdon foundry) / plans for further acquisitions.
8. What the company is aiming for in biosensors
This section includes points the company does not state directly. They are written as inferences readable from the primary sources, with the basis for each.
| What can be read | Primary-source basis | Status |
|---|---|---|
| It aims to mass-produce graphene on standard semiconductor lines as a semiconductor material that could stand in for silicon | Website: grows graphene directly on standard semiconductor substrates; "the world's first graphene foundry." Moved from 2-inch sapphire to 6-inch silicon in December 2025 | Sourced (company statement) |
| In biosensors, it intends to stay in the position of selling a "blank" chip that the customer functionalizes | Press release of August 2026: "because the GFET sensing surface is functionalised by the customer, the same platform can be configured to detect whichever species matter." The data sheet also assumes channel-by-channel functionalization | Sourced (company statement) |
| It intends to divide the work with partners for finished diagnostic products | In the Archer partnership, product-specific IP is owned by Archer. The Tachmed partnership integrates the company's sensor into Tachmed's platform and scales cartridge supply. No statement that it will sell diagnostics itself | Inference |
| For now, revenue will come mainly from research chips and engineering services, with diagnostic revenue coming later | Of £506,455 revenue in 2025, product sales were £300,005 and non-recurring engineering £206,450. Product sales were about the same as the prior year (£307,745) | Inference |
| It also puts weight on fields beyond biosensors (magnetic sensors, quantum, automotive, memory devices) | The directors' report names "three key product streams" (magnetic sensors, molecular sensors and solid-state devices); the April 2026 quantum-device collaboration with Archer; the Innovate UK-funded memory research | Sourced (company statement) |
The reason for reading "it intends to divide the work with partners on finished diagnostic products" is that the partnership announcements draw clear lines of role. The Archer Materials partnership is work to build Archer's Biochip, a potassium-ion sensor, on Paragraf's GFET, and it states that the product-specific intellectual property from the work will be owned by Archer. The Tachmed partnership integrates Paragraf's GFET into Tachmed's digital health platform (TachShield) and lets Tachmed scale up supply of home-test cartridges. In both, the assay (the substance being tested for) and the design and regulatory handling of the final product sit with the partner, while Paragraf supplies the device and the factory that makes it. This is our reading of the wording of the two announcements; contract details and future policy have not been published Not yet confirmed.
9. Partnership map for biosensors
What stands out about Paragraf's ties is that it leaves diagnostic uses of its biosensors to partners that own the assay and the final product. The ties it describes itself are: Cardea Bio's molecular-detection know-how, brought in through the acquisition (Paragraf USA); a reader bought in for the researcher kit; and its investors, who fund the factory that makes the GFETs. Contract amounts and terms with partners are not published, except Archer's estimate of £222,000 over two stages. Joint development with a large diagnostics or medical-device maker in biosensors could not be confirmed in official materials Not yet confirmed.
10. Technologies, products and services
What follows comes from the company's product pages, data sheets, application notes and press releases. Values are the manufacturer's stated values, with test conditions where given Sourced. The company itself states that its application notes are laboratory demonstrations and are not meant to mimic any particular product or use environment.
| Product | Company page (manufacturer's stated values) |
|---|---|
| PMF2000 GFET (3 channels) | Data sheet v1.0 (6 May 2026). An electrolyte-gated field-effect transistor using graphene deposited directly on the device substrate by a proprietary technique, described as "graphene channels free from polymer residues, foreign molecules or other defects." Dirac point 700 mV ±150 mV (test buffer salinity 19 mM, pH 7.1); transconductance typically 0.8, minimum 0.5 mS·sq/V; channel resistance 1 to 3.5 kΩ; channels 100 × 100 µm, three of them equidistant around a central in-plane gate electrode (platinum-based). Die 5.55 × 6.2 × 0.675 mm; board 24 × 50 × 2.7 mm. Chip passivation is 65 nm of Al2O3; metallization is 120 nm in total with exposed platinum. An epoxy encapsulation layer allows liquid handling and channel-by-channel functionalization. Maximum recommended operating voltage ±1 V, current 1 mA, operating temperature up to 50 °C, storage 4 to 50 °C. Equilibrate in the measurement buffer for at least 10 minutes. Single-use |
| PMF2002 GFET (12 channels) | Dirac point below 800 mV (can be tailored to the application; batch reports available on request); transconductance and resistance stated as for the PMF2000; channels 100 × 100 µm. A common gate with separate source and drain connections allows several channels to be measured at once from a single sample (announced 18 August 2026). Used with the "Enterprise Reader" instrument |
| GFET-PV01 (previous generation) | Product brochure (© 2024). Three channels; the Dirac point row (test buffer salinity 19 mM, pH 7.1) reads "500 to +900" mV (sign as printed in the original); transconductance >1.5 mS·sq/V; channel resistance <3 kΩ. The company calls the PMF2000 the successor to the PV01 platform. Editions and definitions may differ, so this article does not compare the PV01 and PMF2000 numbers or rank them |
| Application notes | pH sensing (bare graphene, and an in-house prototype capped with hafnium oxide that is not on sale). Potassium-ion sensing (a PVC-based ion-selective membrane on one channel and a control membrane on another). Potassium in serum (goat serum): the response was smaller than in buffer, and a 1 mM response could be resolved from the control membrane even with a signal of −1.6 mV; the company says the reason for the lower response has not been investigated. Surface modification with pyrenebutyric acid (PyBA). Acetone gas sensing |
| Kits and accessories | GFET Discovery Kit (four PMF2000, a PalmSens EmStat Pico MUX16, accessories), a four-pack of PMF2000, and a breakout board (Plug-in GFET, PiG). Example uses: "potassium ion detection, acetone gas detection, DNA and protein interactions." At the time of checking, the store showed "out of stock - contact us" |
| Manufacturing (foundry) | Graphene is grown directly on the substrate without transfer (MOCVD, metal-organic chemical vapor deposition). Until now GFETs were made on 2-inch sapphire wafers; on 22 December 2025 the first 6-inch silicon wafer of GFETs was produced (the company calls it believed to be the first demonstration of directly grown GFETs at this size). The PMF2000 is the first product of the new Huntingdon plant |
| Biosensing research result | An insect olfactory receptor, MhOR5, was integrated onto a GFET and detected 16 small organic compounds in a concentration-dependent way (200 nM to 10 mM). Wafer-scale GFETs were quality-checked before use. The receptor protein was 80% pure and stable for up to three months (Advanced Materials, 2026; authors include affiliations with Paragraf and the former Cardea Bio) |
(1) "No transfer" decides device quality. The company grows graphene directly on the device substrate rather than growing it elsewhere and pasting it on (transfer), and promotes channels that are free of polymer residue, foreign molecules and defects. In general, transfer tends to leave residues of the supporting polymer film or the metal catalyst on the graphene surface, which in a biosensor can cause variation in how much probe attaches and in surface charge (a general explanation). The company's announcement of GFETs on 6-inch silicon also names, as a strength, that other approaches rely on transfer and often bring in metallic contamination. However, no quantitative comparison linking the absence of contamination to better measurement reproducibility could be found in public materials. What the company does give are per-device specifications: the spread of the Dirac point (700 mV ±150 mV) and the ranges of transconductance and resistance. See also our explainer on graphene and carbon nanotubes.
(2) The device structure decides what can be measured. The company says three channels sit equidistant around a central in-plane gate electrode (platinum-based) so that the electric field across each channel is uniform. The data sheet gives a 65 nm Al2O3 chip passivation and 120 nm of metallization with exposed platinum (its figure legend distinguishes passivated metal, unpassivated metal, graphene and coated graphene, but does not explain which surface contacts the electrolyte). The epoxy encapsulation forms a well that holds liquid, and lets each channel carry a different molecule for parallel measurement (multiplexing) or serve as a reference (internal referencing). In the potassium application note, Ag/AgCl paste on the central gate acts as the reference electrode, so the gate material and the solution composition directly affect the reading (the position of the Dirac point), and the solutions are matched in chloride and phosphate concentration for comparison. See also our explainer on field-effect transistor sensors.
(3) What is read is the shift of the Dirac point, not a current. A GFET sweeps the gate voltage to find where the current is lowest (the Dirac point, or charge neutrality point), and uses the shift of that point when molecules attach to the surface as the signal. The application note reports that the shift was visible for 0.01 to 10 mM potassium in 20 mM phosphate buffer, and, in 160 mM buffer, between 0.5 and 10 mM relative to the control membrane (the response was smaller at higher salt concentration). In solutions rich in ions, surface charge is screened by counter-ions in the solution and the signal gets smaller (Debye screening); this is the general explanation, and reduced sensitivity in high-salt samples such as serum is a known design challenge for this type of sensor. The company's note says it has not investigated why the response in serum was smaller. The mechanism described here is our general explanation, not a causal link stated in the company's materials.
(4) Surface-modification chemistry limits the solvents and steps that can be used. Graphene is chemically inert, so a foothold is needed to attach molecules. The company's application note uses the way pyrene derivatives (pyrenebutyric acid, PyBA) adsorb non-covalently on graphene, and recommends incubating 50 mM PyBA in DMSO for two hours and then washing with DMSO, ethanol and water. The resulting carboxylated surface can be converted by EDC/NHS chemistry into an amine-reactive layer, a foothold for attaching primary amines and other nucleophiles, according to the note. The same note says DMF and methanol are not recommended because they are incompatible with other components of the device (it does not say which). This points to a materials-side constraint: the combination of materials in the device limits the solvents that can be used (the epoxy encapsulation layer is a candidate, but the note does not say). The ion-selective membrane (a PVC-based membrane for potassium) was deposited by hand in the application note. The data sheet says channel functionalization can be done manually or by automation.
Finally, the company's caveats. The potassium and similar notes say the data are evidence of a use case that can be replicated independently, and the pH note says the conditions and the device design are not optimized. The values for a research GFET do not show the performance of a finished diagnostic product. Nothing here is advice to individual readers on measurement or diagnosis.
11. Risks
| Risk | Detail | Status |
|---|---|---|
| Losses and funding | The operating loss for 2025 was £21.0m and the loss for the year £20.5m, against revenue of £506,455. Year-end cash was £2,979,426 (prior year £7,184,492). Shares were issued after the year-end (about £5.8m in total in January to March 2026 [the total is our calculation]). The auditor identified no material uncertainty about going concern. Growth depends on continued fundraising | Sourced |
| Composition of revenue | About 41% of revenue was non-recurring engineering (£206,450); product sales (£300,005) were about the same as the prior year (£307,745). About 68% of revenue came from "rest of world," and about 60% of total income was grants. Sales of biosensor GFETs are not disclosed | Sourced / Our calculation |
| Diagnostic uses depend on partners | The finished diagnostics (Archer's Biochip, Tachmed's cartridges) are in development, and neither product launch nor regulatory clearance or certification could be confirmed. Product-specific IP belongs to Archer. If the partnerships stall, Paragraf's sales may remain limited to research chips | Inference |
| Performance in real samples | In the company's own application note, the potassium response in serum (goat serum) was smaller than in buffer, and the reason has not been investigated. Sensitivity in high-salt samples is a technical challenge for diagnostic uses | Sourced |
| What the specifications are | Data-sheet values (such as a Dirac point of 700 mV ±150 mV) are research-grade specifications, not the performance of a finished diagnostic product. The PV01 and PMF2000 state their specifications differently, so generations cannot be compared | Sourced (manufacturer's stated values) |
| Ramping up manufacturing | Volume production on 6-inch silicon began only with the first wafer in December 2025, and completing the Huntingdon foundry and automating it are the "top priorities." At the time of checking, the store showed the PMF2000 and the kit as "out of stock." Yield and shipment volumes are not disclosed | Sourced |
| Inconsistent funding totals | The company overview says "US$140 million over three rounds," the investors page says "US$140 million over four rounds," and 2026 press releases say "more than US$150 million," so the figures do not agree | Sourced |
| Checking the company's claims | "The world's first graphene foundry" and "the only company to mass-produce graphene electronics on standard semiconductor processes" are company claims, and no third-party verification could be found. The founding year also differs between the company's account (2018) and the register (2015) | Sourced (company claim) |
| Regulatory path | Home-test diagnostics need approval or certification as medical devices or in vitro diagnostics in each market. No application plans or timing have been published, so the time and cost to get there are unknown | Inference |
12. Glossary
- Graphene
- A material one atom thick, with carbon atoms in a hexagonal mesh. It conducts electricity well, and because its surface is fully exposed, its electrical properties change when molecules attach.
- GFET (graphene field-effect transistor)
- A transistor that uses graphene as the channel the current flows through. The gate voltage controls the current, and the change caused by molecules attached to the surface is read out.
- Electrolyte gating
- Applying the gate electrode's voltage to the channel through a solution (electrolyte). In a biosensor, the sample solution itself becomes part of the gate.
- Dirac point (charge neutrality point)
- The gate voltage at which graphene's current is lowest when the gate voltage is swept. When molecules attach, this point shifts, and the amount of shift is the signal.
- Transconductance
- How much the current changes for a given change in gate voltage. The larger it is, the easier it generally is to detect small changes.
- Debye screening
- In a solution with a lot of salt, surface charge is hidden by ions in the solution and its influence no longer reaches far. One reason the signal of an FET-type sensor gets smaller in samples such as serum.
- Functionalization
- Attaching to a sensor's surface a substance that binds the molecule to be detected, such as an antibody, DNA or an ion-selective membrane.
- Pyrene modification / EDC-NHS
- A method that uses the way pyrene molecules adsorb on graphene as a foothold, and a chemical reaction that links amines to carboxyl groups.
- Transfer / direct growth
- Growing graphene elsewhere and pasting it on is called transfer; growing it on the device's own substrate is direct growth. Residues of polymer or metal are a common problem with transfer.
- MOCVD
- Metal-organic chemical vapor deposition: a method and equipment for growing a thin film on a substrate from gases of metal-organic compounds.
- Foundry
- A factory that manufactures semiconductor devices to a customer's design. Paragraf calls itself a foundry for graphene and other 2D materials.
- Non-recurring engineering (NRE)
- Income for development or design work done for a customer. It is distinct from sales of products that can be sold repeatedly.
- Manufacturer's stated value
- A performance value given by the maker itself. It cannot be compared with other products unless the test conditions and edition come with it.
13. References
- Paragraf Company website (home page). Products (molecular sensors, Hall-effect sensors, contract foundry), quality certifications (ISO 9001, ISO 45001), registered address. Source of the logo image. https://www.paragraf.com/
- Paragraf Molecular Sensors (company website). Overview and specifications of the PMF2000 and PMF2002; list of application notes. https://www.paragraf.com/molecular-sensors/
- Paragraf PMF2000 GFET Datasheet (v1.0, 6 May 2026). Specifications, operation, single use, limits on use environments. https://cdn.shopify.com/s/files/1/0737/6093/2108/files/PMF2000_GFET_Datasheet_1.pdf?v=1778078957
- Paragraf GFETs for Fast and Accurate Sensing Solutions (GFET-PV01 product brochure, © 2024). https://www.paragraf.com/wp-content/uploads/2025/01/GFETs-for-fast-and-accurate-sensing-solutions.pdf
- Paragraf PRESS RELEASE – Paragraf Introduces PMF2000 GFET (12 May 2026). https://www.paragraf.com/press-release-paragraf-introduces-pmf2000-gfet/
- Paragraf PRESS RELEASE: Paragraf Launches PMF2002 GFET Platform and Enterprise Reader, Expanding Sensing Portfolio (18 August 2026). https://www.paragraf.com/press-release-paragraf-launches-pmf2002-gfet-platform-and-enterprise-reader-expanding-sensing-portfolio/
- Paragraf Paragraf Acquires Cardea Bio To Extend Graphene Electronics Industry Leadership (2 May 2023). https://www.paragraf.com/paragraf-acquires-cardea-bio-to-extend-graphene-electronics-industry-leadership/
- Paragraf PRESS RELEASE – Archer enters partnership with Paragraf for Biochip development (posted 28 May 2025; Archer's announcement was on 19 May). https://www.paragraf.com/press-release-archer-enters-partnership-with-paragraf-for-biochip-development/
- Paragraf PRESS RELEASE – Tachmed and Paragraf Announce Strategic Partnership to Scale Graphene-Powered Diagnostics (28 May 2025). https://www.paragraf.com/press-release-tachmed-and-paragraf-announce-strategic-partnership-to-scale-graphene-powered-diagnostics/
- Paragraf PRESS RELEASE – Paragraf Closes $55M Series C Funding Round (25 August 2025). https://www.paragraf.com/press-release-paragraf-closes-55m-series-c-funding-round/
- Paragraf Paragraf raises $60m in Series B financing (1 March 2022). https://www.paragraf.com/paragraf-raises-60m-in-series-b-financing/
- Paragraf PRESS RELEASE – Paragraf Produces First 6-inch Graphene Wafer at New Huntingdon Facility (22 December 2025). https://www.paragraf.com/6-inch-graphene-wafer/
- Paragraf PRESS RELEASE: Paragraf Joins Korea's National Graphene Commercialisation Initiative as Only International Consortium Member (14 September 2026). https://www.paragraf.com/press-release-paragraf-joins-koreas-national-graphene-commercialisation-initiative-as-only-international-consortium-member/
- Paragraf About Paragraf (company website). The Cambridge spin-out; funding totals. https://www.paragraf.com/about-paragraf/
- Paragraf Investors (company website). Funding history. https://www.paragraf.com/investors/
- Paragraf Paragraf closes £2.9m seed round (seed-round announcement). https://www.paragraf.com/paragraf-closes-2-9m-seed-round-to-drive-first-ever-large-scale-production-of-graphene-based-technologies/
- Paragraf Paragraf raises £12.8m to deliver its first graphene-based electronics technologies (Series A, 7 March 2019). https://www.paragraf.com/paragraf-raises-12-8m-to-deliver-its-first-graphene-based-electronics-technologies/
- Paragraf Paragraf increases Series A round to £16.2m (12 December 2019). https://www.paragraf.com/paragraf-increases-series-a-round-to-16-2m-to-accelerate-product-delivery/
- Paragraf Application Note: Potassium Sensing in Serum Samples with a GFET (2026). https://www.paragraf.com/wp-content/uploads/2026/04/Application-Note-potassium-sensing-in-serum-samples-with-GFET-PV01.pdf
- Paragraf Application Note #4: Deposition of Pyrene on a GFET-PV01 (2024). https://www.paragraf.com/wp-content/uploads/2024/09/Application-Note-deposition-of-pyrene-on-a-GFET-PV01.pdf
- Paragraf Application Note: pH Sensing with the GFET-PV01 (2024). https://www.paragraf.com/wp-content/uploads/2024/06/Aplication-note-pH-sensing-with-GFET-PV01.pdf
- Paragraf Store GFET Discovery Kit (company store). Kit contents; PalmSens EmStat Pico MUX16. https://store.paragraf.com/products/gfet-discovery-kit
- Paragraf Store PMF2000 GFET Quad Pack (company store). Specifications; stock status. https://store.paragraf.com/products/gfet-pmf2000-quad-pack
- Companies House (UK) PARAGRAF LIMITED (09889431), company overview. Incorporation date, registered office, accounting dates, nature of business. https://find-and-update.company-information.service.gov.uk/company/09889431
- Companies House (UK) Paragraf Limited filing: group accounts for the year ended 31 December 2025 (filed 14 September 2026; 60 pages; scanned-image PDF). https://find-and-update.company-information.service.gov.uk/company/09889431/filing-history/MzU0NDU2NTI4N2FkaXF6a2N4/document?format=pdf&download=0
- Ban DK, Contet A, Catania M, Kanonenberg K, Tyler M, Goldsmith B, Aran K. Graphene Nanosensor for the Detection of Small Organic Compounds Using an Insect Olfactory Receptor. Advanced Materials 38(52), e74079 (online 12 July 2026). DOI checked through Crossref. https://doi.org/10.1002/adma.74079
- Paragraf Making High-Resolution Real-Time Biosensing for All a Reality (column on the company website, 9 May 2023). Mention of blood glucose measurement. https://www.paragraf.com/making-high-resolution-real-time-biosensing-for-all-a-reality/
- Paragraf (reposting a Cardea Bio announcement) Dr. Aran receives research gift from Agilent Technologies to develop real-time monitoring of cell cultures using Cardea's BPU platform (14 June 2022). https://www.paragraf.com/dr-aran-receives-research-gift-from-agilent-technologies-to-develop-real-time-monitoring-of-cell-cultures-using-cardeas-bpu-platform/
- Paragraf PRESS RELEASE – Paragraf and Archer Materials Announce Strategic Collaboration on Graphene-Based Quantum Devices (30 April 2026). https://www.paragraf.com/press-release-paragraf-and-archer-materials-announce-strategic-collaboration-on-graphene-based-quantum-devices/
- U.S. Food and Drug Administration (openFDA) openFDA Device 510(k) API documentation. Used to search by applicant name (search-result URLs are not stable, so the documentation page is given here). https://open.fda.gov/apis/device/510k/
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Legal name Paragraf Limited, company number 09889431, incorporated 25 November 2015, registered office (7-8 West Newlands, Somersham), private limited company, nature of business (manufacture of electronic components) | Sourced | Reference 24 https://find-and-update.company-information.service.gov.uk/company/09889431 |
| Spin-out of the University of Cambridge in 2018; funding totals (About: US$140 million in three rounds / Investors: US$140 million in four rounds / 2026 press releases: more than US$150 million); five sites on three continents | Sourced (company statement) | Reference 14 / 15 / 6 / 13 https://www.paragraf.com/about-paragraf/ https://www.paragraf.com/investors/ https://www.paragraf.com/press-release-paragraf-launches-pmf2002-gfet-platform-and-enterprise-reader-expanding-sensing-portfolio/ https://www.paragraf.com/press-release-paragraf-joins-koreas-national-graphene-commercialisation-initiative-as-only-international-consortium-member/ |
| Product lines (graphene molecular sensors, Hall-effect sensors, contract foundry); the ISO 9001:2015 and ISO 45001:2018 statement; source of the logo image | Sourced | Reference 1 https://www.paragraf.com/ |
| Overview and specifications of the PMF2000 and PMF2002 (three and twelve channels; Dirac point; transconductance; channel resistance); the PMF2000 as successor to the PV01; list of application notes | Sourced (manufacturer's stated values) | Reference 2 https://www.paragraf.com/molecular-sensors/ |
| PMF2000 data sheet v1.0 (6 May 2026): specifications, structure (in-plane gate, Al2O3 passivation, epoxy encapsulation), operation, storage and operating temperatures, single use, use outside industrial or research environments outside the design intent | Sourced (manufacturer's stated values) | Reference 3 https://cdn.shopify.com/s/files/1/0737/6093/2108/files/PMF2000_GFET_Datasheet_1.pdf?v=1778078957 |
| GFET-PV01 specifications (brochure): three channels, the Dirac point row, transconductance >1.5, channel resistance <3 kΩ | Sourced (manufacturer's stated values) | Reference 4 https://www.paragraf.com/wp-content/uploads/2025/01/GFETs-for-fast-and-accurate-sensing-solutions.pdf |
| PMF2000 announcement (12 May 2026): first device from the Huntingdon foundry; sold in the online store | Sourced | Reference 5 https://www.paragraf.com/press-release-paragraf-introduces-pmf2000-gfet/ |
| PMF2002 and Enterprise Reader announcement (18 August 2026): twelve channels, customer-functionalized surface, company description (five sites, more than US$150 million) | Sourced | Reference 6 https://www.paragraf.com/press-release-paragraf-launches-pmf2002-gfet-platform-and-enterprise-reader-expanding-sensing-portfolio/ |
| Cardea Bio acquisition of 2 May 2023, renaming to Paragraf USA, IP for molecular detection using CRISPR and other methods, San Diego site, the MOCVD equipment at Somersham, and the company claim of being the only company to mass-produce transfer-free graphene electronics on standard semiconductor processes | Sourced (includes a company claim) | Reference 7 https://www.paragraf.com/paragraf-acquires-cardea-bio-to-extend-graphene-electronics-industry-leadership/ |
| Archer Materials partnership (announced 19 May 2025): potassium-ion Biochip, two three-month stages, estimated total cost £222,000 | Sourced | Reference 8 https://www.paragraf.com/press-release-archer-enters-partnership-with-paragraf-for-biochip-development/ |
| Tachmed partnership (28 May 2025): integrating the GFET into TachShield, co-developing next-generation diagnostic tests, scaling home-test cartridge supply, priority markets | Sourced | Reference 9 https://www.paragraf.com/press-release-tachmed-and-paragraf-announce-strategic-partnership-to-scale-graphene-powered-diagnostics/ |
| Series C of US$55m (25 August 2025); Series B of US$60m (1 March 2022) and its investors; the statement that a biosensor was the next product in preparation | Sourced | Reference 10 / 11 https://www.paragraf.com/press-release-paragraf-closes-55m-series-c-funding-round/ https://www.paragraf.com/paragraf-raises-60m-in-series-b-financing/ |
| Seed round of £2.9m; Series A of £12.8m (March 2019) and £16.2m (December 2019); investors | Sourced | Reference 16 / 17 / 18 https://www.paragraf.com/paragraf-closes-2-9m-seed-round-to-drive-first-ever-large-scale-production-of-graphene-based-technologies/ https://www.paragraf.com/paragraf-raises-12-8m-to-deliver-its-first-graphene-based-electronics-technologies/ https://www.paragraf.com/paragraf-increases-series-a-round-to-16-2m-to-accelerate-product-delivery/ |
| First 6-inch wafer on 22 December 2025 (previously 2-inch sapphire) and the company's description of it as believed to be the first demonstration of directly grown GFETs at this size | Sourced (company statement) | Reference 12 https://www.paragraf.com/6-inch-graphene-wafer/ |
| Joining Korea's K-Graphene Commercialisation Council (14 September 2026) | Sourced | Reference 13 https://www.paragraf.com/press-release-paragraf-joins-koreas-national-graphene-commercialisation-initiative-as-only-international-consortium-member/ |
| Consolidated accounts for the year to December 2025 (revenue, other operating income, operating loss, loss for the year, cash, net assets, headcount, R&D spending, grants, revenue breakdown, post-year-end events, the auditor's conclusion, the Innovate UK-funded collaboration, accounting treatment of Cardea Bio) | Sourced | Reference 25 https://find-and-update.company-information.service.gov.uk/company/09889431/filing-history/MzU0NDU2NTI4N2FkaXF6a2N4/document?format=pdf&download=0 |
| Application note on potassium in serum: PVC-based ion-selective membrane, Ag/AgCl gate, responses in 20 mM and 160 mM buffer, smaller response in goat serum with 1 mM resolved at −1.6 mV, reason not investigated, status of the data | Sourced (company experiments) | Reference 19 https://www.paragraf.com/wp-content/uploads/2026/04/Application-Note-potassium-sensing-in-serum-samples-with-GFET-PV01.pdf |
| Pyrenebutyric acid (PyBA) surface modification procedure (50 mM, DMSO, two hours, wash order), EDC/NHS, DMF and methanol not recommended | Sourced (company experiments) | Reference 20 https://www.paragraf.com/wp-content/uploads/2024/09/Application-Note-deposition-of-pyrene-on-a-GFET-PV01.pdf |
| pH application note: bare graphene and a hafnium-oxide-capped in-house prototype (not on sale); the caveat that the conditions are not optimized | Sourced (company experiments) | Reference 21 https://www.paragraf.com/wp-content/uploads/2024/06/Aplication-note-pH-sensing-with-GFET-PV01.pdf |
| Contents of the GFET Discovery Kit (four PMF2000, PalmSens EmStat Pico MUX16), example uses, stock status | Sourced | Reference 22 https://store.paragraf.com/products/gfet-discovery-kit |
| PMF2000 Quad Pack specifications and stock status | Sourced | Reference 23 https://store.paragraf.com/products/gfet-pmf2000-quad-pack |
| Detection of small organic compounds with the insect olfactory receptor MhOR5 on a GFET (16 compounds, 200 nM to 10 mM, 80% purity, up to three months stability) and the authors' affiliations (CardeaBio [now Paragraf], Paragraf) | Sourced (peer-reviewed paper) | Reference 26 https://doi.org/10.1002/adma.74079 |
| Mentions of glucose: an analogy in the 2023 column, and Cardea Bio's 2022 plan to monitor glucose in cell-culture fluid | Sourced | Reference 27 / 28 https://www.paragraf.com/making-high-resolution-real-time-biosensing-for-all-a-reality/ https://www.paragraf.com/dr-aran-receives-research-gift-from-agilent-technologies-to-develop-real-time-monitoring-of-cell-cultures-using-cardeas-bpu-platform/ |
| Quantum-device collaboration with Archer Materials (30 April 2026; not a biosensor) | Sourced | Reference 29 https://www.paragraf.com/press-release-paragraf-and-archer-materials-announce-strategic-collaboration-on-graphene-based-quantum-devices/ |
| No match in FDA open data (openFDA) for "Paragraf" or "Tachmed" as 510(k) applicant; "Cardea" matched only an unrelated company (Cardea Associates, CARDEASCREEN, 2013) | Sourced (our search) | Reference 30 https://open.fda.gov/apis/device/510k/ |
| When a diagnostic product will launch; plans for regulatory submissions or clinical studies; sales or volumes of biosensor GFETs; headcount and spending for biosensors alone; glucose or continuous glucose monitoring products; capital spending; terms of the acquisition; ownership chain of patents | Not yet confirmed | No source found. This article does not assert that these do not exist (this article) |
| The company's statements that it aims to mass-produce graphene on standard semiconductor lines, and to sell a blank chip that the customer functionalizes | Sourced (company statement) | Reference 1 / 6 / 12 https://www.paragraf.com/ https://www.paragraf.com/press-release-paragraf-launches-pmf2002-gfet-platform-and-enterprise-reader-expanding-sensing-portfolio/ https://www.paragraf.com/6-inch-graphene-wafer/ |
| The readings that finished diagnostic products are left to partners, and that revenue for now comes mainly from research chips and engineering services | Inference | Reference 8 / 9 / 25 https://www.paragraf.com/press-release-archer-enters-partnership-with-paragraf-for-biochip-development/ https://www.paragraf.com/press-release-tachmed-and-paragraf-announce-strategic-partnership-to-scale-graphene-powered-diagnostics/ https://find-and-update.company-information.service.gov.uk/company/09889431/filing-history/MzU0NDU2NTI4N2FkaXF6a2N4/document?format=pdf&download=0 |
| The readings that diagnostic uses may stall if the partnerships stall, and that the regulatory path will take time and cost | Inference | Reference 8 / 9 https://www.paragraf.com/press-release-archer-enters-partnership-with-paragraf-for-biochip-development/ https://www.paragraf.com/press-release-tachmed-and-paragraf-announce-strategic-partnership-to-scale-graphene-powered-diagnostics/ |
| Classifying Paragraf as materials & components, and the four-type framework | Our calculation | Our own classification and arithmetic (the technical explanations are general commentary, not values for the company's individual products; see our biosensor explainers) |
| Non-recurring engineering share (about 40.8%), "rest of world" share (about 68.4%), grants share (about 60.8%), operating loss about 41 times revenue, post-year-end share issues of about £5.8m in total | Our calculation | Our own classification and arithmetic (the technical explanations are general commentary, not values for the company's individual products; see our biosensor explainers) |
| The technical explanations of graphene device structure, transfer versus direct growth, the Dirac-point shift, Debye screening and surface-modification chemistry | Our calculation | Our own classification and arithmetic (the technical explanations are general commentary, not values for the company's individual products; see our biosensor explainers) |
Last updated: 3 October 2026 / Troy Technical
This article is based on Paragraf's website, press releases, data sheets and application notes, its registration and consolidated accounts at Companies House in the UK, and a peer-reviewed paper. It uses no market-research estimates or press-based figures. The accounts were filed as scanned images, so the figures were read from the page by eye. Items marked "Inference" are our reading of the primary sources and are not company disclosures. Product performance values are the manufacturer's stated values from the company's data sheet and brochure; they are specifications for research components and do not show the performance of a finished diagnostic product. This article does not advise individual readers on diagnosis, treatment, medication or how to read measured values.