Fluidic Analytics, a Cambridge-based life sciences business, has secured a £24m funding package to continue its research and development plans after launching a transformative protein analysis tool. BGF is providing £5m of growth capital in a funding round with Delin Ventures and existing shareholders including Draper Esprit and IQ Capital.
Fluidic Analytics has developed the technology to analyse proteins faster, more accurately and using less sample than any other technology currently available. Being able to analyse proteins in real time can have a significant impact on diagnostics, cancer therapies and can improve organ transplants.
Set up by a group of scientists from the University of Cambridge, the team at Fluidic Analytics is led by CEO Dr Andrew Lynn and Chief Science Officer Tuomas Knowles. Their Fluidity One protein analysis system launched in September 2018 to a waiting list of customers. The team are now working on the Fluidity One-W system, which is capable of analysing specific proteins in complex mixtures.
Dr Andrew Lynn, CEO of Fluidic Analytics, said: “We’re delighted to partner with BGF at such an exciting stage of our journey. This financing will power the global commercial launch of our Fluidity One system and enable our team to bring our next two innovative lab tools to market. It will also allow us to advance a number of high-potential clinical applications that could help us make an even bigger impact on the world by helping people everywhere make better decisions about how diseases are diagnosed, treatments are developed, and personal well-being is maintained.”
Tim Rea, Investor at BGF, said: “Andrew and Tuomas have built a potentially life-changing technology and brought their idea from concept to production in an incredibly short time. The market for pharmaceutical tools and technology is thriving and Fluidic Analytics has created products for which there is growing demand.
“We’re excited to be supporting the team as they scale up and take advantage of the significant opportunity to develop this critical technology further. Cambridge is a real hub for innovation and bright minds, and we’re delighted to be growing our presence there, meeting ambitious, growing companies who are looking for capital to develop even further.”
This is BGF’s second investment in the life sciences sector following its investment in pharmaceutical research and development company Arcinova earlier this year.
The investment was led for BGF by Tim Rea and Henry Gladwyn.
The advisors to the transaction were:
For BGF: Covington & Burling LLP and Philip Hare & Associates LLP.
For Fluidic Analytics: Bracher Rawlins LLP supported by Wilson Sonini Goodrich and Rosati PC and Confluence Tax LLP.