Fluidic Analytics Limited, a University of Cambridge spinout that is revolutionising the field of protein characterisation, has raised £5.3 million (US$6.9 million) in Series B financing. The round was led by IQ Capital Partners and included the Cambridge Enterprise Seed Fund, Parkwalk Advisors, Draper Esprit, Amadeus Capital Partners and Cambridge Innovation Capital as co-investors.
Fluidic Analytics is developing products based on a new technology for protein characterisation that emerged from the laboratory of Professor Tuomas Knowles at the University of Cambridge. The technology, aspects of which were recently published in Nature Chemistry, allows proteins to be characterised in a rapid, accurate and cost-effective manner.
The company will use the proceeds of this financing to advance its line of laboratory research tools, which are designed to address the key market segments of protein quantitation, quantitative immunoassays and protein-protein interactions. The potential market for these segments is predicted to be in excess of US$2 billion by 2020.
Proteins provide real-time information on the current disease state of the body. In contrast, DNA provides information on the likelihood of developing certain diseases at some point over a lifetime. The ability to acquire real-time information on disease states is widely seen as the key to timely, effective medical treatment. Whereas new technologies for DNA characterisation have started to make a major impact on healthcare, technologies for characterising proteins have, to date, lagged far behind.
Fluidic Analytics is aiming to address this technology lag by vastly improving the quantity and quality of data that can be gathered from protein samples by combining its fundamentally new microfluidic technology platform with advanced sample handling and cloud computing methods. The company is bringing products to market for applications initially in the research tools market, then in clinical diagnostics and, ultimately, in consumer healthcare.
“This financing is a key element to fuelling the next phase in the growth of Fluidic Analytics,” commented Fluidic Analytics CEO, Andrew Lynn, “The team deserves tremendous credit for the work they have done for protein quantitation with the Flow Mk 1. We look forward to driving further transformative developments for protein characterisation over the next few years as we expand our product line into the areas of basic quantitative immunoassays and protein-protein interactions with the Flow Mk-1i and the Flow Mk 1m.”
This second financing for Fluidic Analytics brings together the six most active institutional investors in Cambridge, UK. Cambridge Innovation Capital joins a shareholder group that includes the Cambridge Enterprise Seed Fund, whose contribution to this round comprises its largest single investment to date, and recently IPO’d Draper Esprit.
Max Bautin, Partner of lead investor IQ Capital Partners said: “Fluidic Analytics has made exemplary progress over the last 18 months. The strength of the management team and the tremendous opportunities that we believe the company’s technology will open up have all contributed to this investment round being significantly oversubscribed, with IQ Capital and other main investors increasing their stakes. We are delighted with this investment and look forward to a transformative future for Fluidic Analytics.”
Chairman Anthony Colletta, Investor Directors Vishal Gulati and Bradley Hardiman will continue to serve on the Board of Directors alongside Founder/CSO Tuomas Knowles and CEO Andrew Lynn. Max Bautin will join the Board representing IQ Capital Partners.
Advisors for this transaction were Bracher Rawlins LLP, Confluence Tax LLP and Mills & Reeve 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 follow @fluidicanalytic on Twitter.
About IQ Capital: We invest in ground-breaking technologies and ambitious founders, capable of dominating their respective markets. We invest early and help to drive growth for the long-term. The IQCP team has achieved significant exits since 1997 including Autonomy (IPO), Imsense (Apple), Phonetic Arts (Google), Stillfront (IPO), Sirigen (BD), KVS (Veritas) and WhereonEarth (Yahoo). We are currently investing the £50m 2015 IQ Capital Fund II. For more information, please visit www.iqcapital.co.uk
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 Draper Esprit: Draper Esprit is one of Europe’s most experienced venture capital investors, helping entrepreneurs to build ground-breaking technology companies. In the last three years, Draper Esprit’s exits have generated more than $2.3 billion in combined enterprise value. Draper Esprit is the exclusive European member of the Silicon Valley-based Draper 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 www.draperesprit.com
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 more information, please follow @parwalkadvisor on Twitter or visit www.parkwalkadvisors.com
About Amadeus Capital Partners: Amadeus Capital Partners is a global technology investor. Since its inception in 1997, the firm has raised over $1bn for investment and backed more than 100 companies in the software, mobile, internet, cyber security and medical technology sectors. The investment team is based in India, South Africa, Sweden, UK and USA, has deep experience in technology and invests in high-growth companies from early stage to pre-IPO. Major businesses built by Amadeus include CSR, a connectivity, audio, imaging and location semiconductor company, now owned by Qualcomm (NASDAQ: QCOM); Solexa, the developer of next generation genetic analysis systems, merged into Illumina (NASDAQ: ILMN) to create the world leader in gene-sequencing technology; Optos, the retinal imaging company, acquired by Nikon; ForeScout, a global enterprise security vendor; Octo Telematics, the provider of insurance telematics services acquired by Renova Group; and Tobii, the global innovator in eye tracking (STO: TOBII). For more information, please follow @amadeuscapital on Twitter or visit www.amadeuscapital.com
Cambridge Innovation Capital (“CIC”) invests in intellectual property rich companies in the Cambridge Cluster, combining a unique relationship with the University of Cambridge with deep financial and industry links to the area. The company strives to build leading businesses using a long term return strategy - removing the pressure to deliver the early exits associated with the traditional venture capital model. CIC is led by an experienced investment team, an outstanding board and advisory panel of leading scientists and entrepreneurs, backed by long term institutional and strategic investors. CIC has an unrivalled appreciation for world-leading scientific development given its position within the Cambridge Cluster. The company is committed to ensuring that its investment partners can build leading businesses from brilliant technologies - with the support of some of the most influential figures in the sector. For more information, please visit www.cicplc.co.uk
Published on 6 September 2016