Haylo Labs acquires Plessey Semiconductors in £100M UK investment
Haylo Labs has completed its acquisition of UK-based developer of microLED display technology, Plessey Semiconductors, in a move set to strengthen the UK's position in immersive computing and optical computing.
Under the deal, Haylo Labs will invest over GPB 100 million over the next five years to expand Plessey’s manufacturing capacity and grow its workforce in Plymouth and surrounding areas. Plessey employs approximately 270 staff and operates one of Europe’s most advanced microLED platforms, capable of end-to-end design and production entirely in-house.
The acquisition comes amid significant growth in the international microLED market, which analysts project will increase from GBP 2.7 billion (USD 3.7 billion) in 2024 to over GBP 592 billion (USD 800 billion) by 2034. Demand is being driven by sectors including augmented and virtual reality, automotive displays, premium consumer electronics, and optical computing.
David Hayes, Chief Executive and Co-Founder of Haylo Labs, said the 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.”
“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,” says Keith Strickland, Chief Executive of Plessey Semiconductors.