Fluidic Analytics raises £5.3m
Cambridge, UK, 6 September 2016 – 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. The first shipments of the company’s first product, the Flow Mk 1, are scheduled for the second half of 2016.
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.
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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 or visit www.fluidicanalytics.com
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
The technology behind Fluidic Analytics instruments allows for the characterisation of physiologically relevant protein interaction behaviour in tag-free systems:
Emma V. Yates, Thomas Müller, Luke Rajah, Erwin J. De Genst, Paolo Arosio, Sara Linse, Michele Vendruscolo, Christopher M. Dobson, Tuomas P.J. Knowles. Latent Analysis of unmodified biomolecules and their complexes in solution with attomole detection sensitivity. Nature Chemistry 7(10):802-9, 2015.
The study of biomolecular interactions is central to an understanding of function, malfunction and therapeutic modulation of biological systems, yet often involves a compromise between sensitivity and accuracy. Many conventional analytical steps and the procedures required to facilitate sensitive detection, such as the incorporation of chemical labels, are prone to perturb the complexes under observation. Here we present a ‘latent’ analysis approach that uses chemical and microfluidic tools to reveal, through highly sensitive detection of a labelled system, the behaviour of the physiologically relevant unlabelled system. We implement this strategy in a native microfluidic diffusional sizing platform, allowing us to achieve detection sensitivity at the attomole level, determine the hydrodynamic radii of biomolecules that vary by over three orders of magnitude in molecular weight, and study heterogeneous mixtures. We illustrate these key advantages by characterizing a complex of an antibody domain in the solution phase and under physiologically relevant conditions.
Find the paper here
The technology behind Fluidic Analytics instruments allows for the analysis of size and interactions between proteins:
Paolo Arosio, Thomas Müller, Luke Rajah, Emma V. Yates, Francesco A. Aprile, Yingbo Zhang, Samuel I. A. Cohen, Duncan A. White, Therese W. Herling, Erwin J. De Genst, Sara Linse, Michele Vendruscolo, Christopher M. Dobson, Tuomas P. J. Knowles. Microfluidic diffusion analysis of the sizes and interactions of proteins under native solution conditions. ACS Nano 10 333-341, 2015.
Characterizing the sizes and interactions of macromolecules under native conditions is a challenging problem in many areas of molecular sciences, which fundamentally arises from the polydisperse nature of biomolecular mixtures. Here, we describe a microfluidic platform for diffusional sizing based on monitoring micron-scale mass transport simultaneously in space and time. We show that the global analysis of such combined space-time data enables the hydrodynamic radii of individual species within mixtures to be determined directly by deconvoluting average signals into the contributions from the individual species. We demonstrate that the ability to perform rapid noninvasive sizing allows this method to be used to characterize interactions between biomolecules under native conditions. We illustrate the potential of the technique by implementing a single-step quantitative immunoassay that operates on a time scale of seconds and detects specific interactions between biomolecules within complex mixtures.
Find the paper here
The technology behind Fluidic Analytics instruments allows for the measurement of viscosity:
Paulo Arosio, Kevin Hu, Francesco A. Aprile, Thomas Muller, Tuomas P.J. Knowles. Microfluidic diffusion viscometer for rapid analysis of complex solutions. Anal. Chem 88 (7) 488-3493, 201.6
The viscosity of complex solutions is a physical property of central relevance for a large number of applications in material, biological, and biotechnological sciences. Here we demonstrate a microfluidic technology to measure the viscosity of solutions by following the advection and diffusion of tracer particles under steady-state flow. We validate our method with standard water-glycerol mixtures, and then we apply this microfluidic diffusion viscometer to measure the viscosity of protein solutions at high concentrations as well as of a crude cell lysate. Our approach exhibits a series of attractive features, including analysis time on the order of seconds and the consumption of a few μL of sample, as well as the possibility to readily integrate the microfluidic viscometer in other instrument platforms or modular microfluidic devices. These characteristics make microfluidic diffusion viscometry an attractive approach in automated processes in biotechnology and health-care sciences where fast measurements with limited amount of sample consumption are required.
Find the paper here
Fluidic Analytics Receives £250k (US$384k) Funding Award
Fluidic Analytics Receives Smart Development of Prototype Award from Innovate UK
London and Cambridge, 8th June 2015 – Fluidic Analytics today announced the receipt of a £250k (US$384k) Development of Prototype Award from the Smart scheme administered by Innovate UK.
Fluidic Analytics is a spin-out from the University of Cambridge that is developing products based on a disruptive technology for protein characterisation. Proteins are the direct, real-time indicators of the state of a biological system. While DNA gives information about how people and organisms will develop over their entire lifetimes, proteins give information about how they are actually developing at a specific point in time. Real-time information is crucial in helping scientists and healthcare providers diagnose diseases, develop treatments and identify the right time to apply treatments.
This award will support development of a working pre-production prototype of Fluidic Analytics’ flagship product for laboratory applications, the Flow Mk-1. The Flow Mk-1 is a research tool that will enable high-sensitivity measurement – in seconds – of the size and concentration of proteins in their natural state using samples as small as one microlitre (roughly 1/50 the volume of a grain of rice).
This Development of Prototype Award follows on from the £100k Smart Proof of Concept Award which Fluidic Analytics received one year ago. Dr Andrew Lynn, CEO of Fluidic Analytics, said “This second award from Innovate UK will enable us to further accelerate development of the Flow Mk-1 and bring us closer to launching the first of our cutting-edge products for the research market. We are extremely grateful to Innovate UK for its support.”
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Fluidic Analytics Contact: Andrew Lynn, Chief Executive Officer Tel:+44 (0)1223 968330; Email: email@example.com; Skype: fluidicanalytics; Twitter: @fluidicanalytic
About Fluidic Analytics: Fluidic Analytics is a 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 research as well as in medical and consumer applications. Investors in Fluidic Analytics include: Cambridge Enterprise, DFJ Esprit, IQ Capital, Parkwalk, and Amadeus Capital Partners. For further information please visit www.fluidicanalytics.com
About Innovate UK: Innovate UK is the new name for the Technology Strategy Board – the UK’s innovation agency. Taking a new idea to market is a challenge. Innovate UK funds, supports and connects innovative businesses through a unique mix of people and programmes to accelerate sustainable economic growth. For further information visit www.innovateuk.org
About the Innovate UK Smart Scheme: Managed by Innovate UK, the Smart scheme offers funding to small and medium-sized enterprises (SMEs) to engage in R&D projects in the strategically important areas of science, engineering and technology, from which successful new products, processes and services could emerge. www.gov.uk/innovation-apply-for-a-funding-award#find-an-innovation-funding-programme
Fluidic Analytics Raises £1.56m Series A
University of Cambridge spin-out backed by Cambridge Enterprise, DFJ Esprit, IQ Capital, Parkwalk Advisors and Amadeus Capital Partners
London and Cambridge, 12th January 2015 – 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.
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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
Events and Conferences
Fluidic Analytics attends a range of conferences and trade shows in a variety of fields. We welcome interest from prospective customers and commercial partners who wish to learn more about our company, technology and products.
Fluidic Analytics will be present at the following upcoming events:
• 19th IUPAB congress and 11th EBSA congress: 16-20 July 2017 (Edinburgh, UK)
If you are attending any of these meetings and would to arrange a time and place to hear more about us, our technology and our products please use our Contacts Page to get in touch.