Analytics firm secures over £20m to invest in two new lab products with Draper Espirit

Fluidic Analytics Ltd has raised $31m (around £24m) to continue developing its products for characterising proteins and their behaviour.

The proceeds of the financing will be used to continue the commercial roll-out of the company’s lab-tools pipeline and to develop further high-value clinical applications of its technology.

Proteins and their behaviour are said to be crucial to understanding how diseases develop, identifying the way that drugs interact with their targets, and developing new methods for matching the right treatment to the right patient at the right time.

Andrew Lynn, Fluidic Analytics’ chief executive officer, said: “This financing will power the global commercial launch of our Fluidity One system and enable our team to bring our next two lab-tools products 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.

“We are delighted to be working with investors who share our vision of helping people everywhere make better decisions about how diseases are diagnosed, treatments are developed, and personal well-being is maintained.”

Fluidic Analytics’ products are based on a proprietary technology platform from the University of Cambridge.

This platform was designed explicitly to give insights into the way that proteins fold, aggregate and interact by characterising them in solution.

The financing was led by Draper Esprit, a pan-European venture capital fund that invests in disruptive technology companies at the early and growth stages.

IQ Capital and Amadeus Capital Partners also joined Draper Esprit in backing Fluidic Analytics for a third successive time since the company’s first financing in 2015.

Vishal Gulati at Draper Esprit plc, added: “We are always looking for the brightest thinkers with the best teams and technology to back for the long-term, and we have found that in Fluidic Analytics.

“The progress that Fluidic has made to date has been exemplary. As we enter the century of biology, the world needs transformational technologies that can help us understand the full picture of how biology unfolds in daily life and we are delighted to be backing a company that is doing just that.”

Covington & Burlington LLP, Philip Hare Associates and Bracher Rawlins LLP acted as principal advisors for this financing.