Haylo Labs has acquired Plessey Semiconductors, the UK’s leading innovator in microLED display technology.

They are committed to investing over £100 million in the UK over the next five years to scale Plessey’s manufacturing capacity and grow the highly skilled workforce at Roborough and beyond.

The acquisition strengthens the UK’s position as a global leader in immersive computing and next-generation technology. The international microLED market is forecast to grow from £2.7 billion ($3.7 billion) in 2024 to over £592 billion ($800 billion) by 2034 – driven by demand across augmented reality (AR) and virtual reality (VR), automotive displays, premium consumer electronics such as virtual reality headsets and smart glasses, and optical computing.

Founded in 1956, Plessey Semiconductors is one of Europe’s oldest semiconductor companies and the world’s most technically advanced microLED business.

With a 270-strong team, Plessey has developed a fully integrated platform capable of designing, manufacturing, and engineering next-generation display technologies entirely in-house, a rare global capability.

This end-to-end control, combined with a strong intellectual property portfolio, uniquely positions Plessey to lead the scaling of microLEDs from laboratory innovation to high-volume production.

Haylo Ventures, a venture operator dedicated to building and scaling world-class deep tech businesses, established Haylo Labs to focus specifically on the microLED, optical compute, and interconnect sectors.

David Hayes, Chief Executive and Co-Founder of Haylo Labs, said: “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.”

Rebecca Smith MP, Member of Parliament for South West Devon, said: “I welcome this landmark investment in Plessey, which will help position Plymouth at the forefront of next-generation technology.

“This is a major boost for our city and the surrounding areas—creating high-skilled local jobs and reinforcing Plymouth’s role as the manufacturing powerhouse of the South West.

“I look forward to supporting Plessey’s continued innovation and success as the Member of Parliament for South West Devon.”

Optical Computing Units (OCUs) represent a new generation of light-based chips that are faster, cooler, and more energy-efficient than today’s silicon devices.

Plessey is committed to building the hardware of the future, leveraging its expertise to develop real-world optical computing solutions at scale.

Claire Valoti, Co-Founder of Haylo Labs, added: “This acquisition is about enabling the future of AI-powered devices that are lightweight, energy-efficient, and wearable in the real world.

“The UK has the opportunity to lead, not follow, the next wave of global computing.

“Our investment will fuel innovation and expand the local talent pool, creating opportunities at a time when skilled jobs in advanced manufacturing are critically needed.”

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.”