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Fluidic Analytics Raises £1.56m Series A

Fluidic Analytics Limited, a spinout from the University of Cambridge, has raised £1.56 million (US$2.4 million) in a Series A financing led by Cambridge Enterprise and including DFJ Esprit, IQ Capital, Parkwalk Advisors and Amadeus Capital Partners as co-investors.

Fluidic Analytics has developed a proprietary technology to characterise proteins in a rapid, accurate and cost-effective manner. The technology is based on research conducted at the University of Cambridge and has high-value applications including identifying markers that indicate the onset of diseases in the human body.

In contrast to DNA, whose sequence provides information on the likelihood of developing a disease at some point in life, proteins provide real-time information on the actual, current disease state of the body. Real-time information on disease states is widely seen as the key to timely, effective medical treatment. The global market for protein-based medical-diagnostic tools exceeds three billion dollars annually.

Fluidic Analytics was founded in 2013 by Dr Tuomas Knowles of the University’s Department of Chemistry. The company’s executive team is headed by serial entrepreneur Andrew Lynn, who previously led University spin-outs Orthomimetics and CamGaN to acquisitions in 2009 and 2012, respectively. Experienced life-sciences financier and director Anthony Colletta chairs the board of directors, which also includes corporate-finance and tax expert Colin Hailey as an independent non-executive director.

Commenting on the investment, Fluidic Analytics CEO Dr Andrew Lynn said: “This financing will enable Fluidic Analytics to bring its first product swiftly to market and also allow us to make significant progress to capitalise on some of the exciting pipeline opportunities that our customers have helped us to identify. To welcome such a strong consortium of investors is a tremendous asset for our company’s long-term future”.

“Fluidic Analytics is an exciting example of the new generation of companies that can transform healthcare from being a data-poor industry to a data-rich industry,” said Vishal Gulati, DFJ Esprit, “Their novel and proprietary technology has the potential to make high-throughput protein analytics a reality. The availability of rapid, inexpensive and real time protein identification and analytics could make a dramatic difference in the way we maintain health and treat disease.”

“Fluidic Analytics perfectly illustrates how a University of Cambridge spinout supported by Cambridge Enterprise can merge the work of academics, entrepreneurs and early stage investors to bring potentially world-changing technology to market,” said Bradley Hardiman, Investment Manager at Cambridge Enterprise, the commercialisation arm of the University of Cambridge.

Vishal Gulati and Bradley Hardiman will join the Fluidic Analytics Board of Directors.

Advisors for this transaction were Bracher Rawlins LLP, Confluence Tax LLP and Taylor Vinters LLP.


About Fluidic Analytics: Fluidic Analytics is company with operations based in Cambridge, UK formed in 2013 as a spin-out from the Department of Chemistry at the University of Cambridge. The Company designs, develops and manufactures innovative tools for the fast, convenient and accurate characterisation of proteins in laboratory, medical and consumer applications. For more information, please visit www.fluidicanalytics.com

About Cambridge Enterprise: Cambridge Enterprise Limited is a wholly owned subsidiary of the University of Cambridge, responsible for the commercialisation of University intellectual property. It provides access to early stage capital through the Cambridge Enterprise Seed Funds, University of Cambridge Enterprise Funds, Cambridge Innovation Capital and Cambridge Enterprise Venture Partners, and offers business planning, mentoring, and other related programmes. Activities include management and licensing of intellectual property and patents, proof of concept funding, and support for University staff and research groups wishing to provide expert advice or facilities to public and private sector organisations. For more information please visit www.enterprise.cam.ac.uk

About DFJ Esprit: DFJ Esprit is one of Europe’s most experienced venture capital investors, helping entrepreneurs to build groundbreaking technology companies. In the last three years, DFJ Esprit’s exits have generated more than $2.3billion in combined enterprise value. DFJ Esprit is the exclusive European member of the Silicon Valley-based DFJ Global Network with 30 offices around the world, $7 billion in funds under management and portfolio companies including Baidu, Box, Skype, Space X, Tesla and Yammer and other world leading companies. For more information please visit http://www.dfjesprit.com

About IQ Capital: IQ Capital Partners is an Early Growth Venture Capital firm managing the £25m IQCF1 fund and the recently launched £60m IQCF 2 fund, established to address certain imbalances in the traditional venture capital model. IQ Capital Partners aims to create a strong and effective collaboration with CEOs, other investors and founders through the model of investing alongside sector experts and entrepreneurs - ‘ IQ Angels’ - who have previously managed and achieved significant exit success with innovative technology companies. The IQ team has delivered significant returns to investors since 1997, including Autonomy (IPO), Sirigen (BD), Phonetic Arts (Google), KVS (Veritas), JCP (Sun), 365Corp (IPO) and WhereonEarth (Yahoo). www.iqcapital.co.uk

About Parkwalk: Specialising in University spin-out companies, Parkwalk invests in innovative UK high-growth companies across various stages of their development: from growth, development and commercial capital through to acquisition finance. Investments range from early stage to AIM-listed. Parkwalk’s EIS Funds seek significant capital gains with the substantial benefits offered under the Enterprise Investment Scheme. For updates from Parkwalk, please go to www.parkwalkadvisors.com or follow Parkwalk on Twitter.

About Amadeus: Amadeus Capital Partners has, since 1997, established a reputation as one of Europe's leading technology investors. Since its inception, the firm has raised over £600m for investment and backed more than 85 companies in communications technology, cleantech, medtech, financial services, software, digital media and e-commerce, many of which sell into global markets. Major businesses built by Amadeus include CSR (LSE:CSR), the leading producer of single chip bluetooth radios for short range connections, Solexa, the developer of next generation genetic analysis systems, merged into Illumina (ILMN) to create the world-leader in gene-sequencing technology and Transmode (ST:TRMO), an optical networking solutions business. For more information, please visit www.amadeuscapital.com

Published on 12 January 2015

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