Mills & Reeve advise consortium $5.7m investment into Flusso
Mills & Reeve has advised a consortium of investors led by existing investor Parkwalk Advisors together with new investor to the company, the Foresight Williams Technology EIS Fund. The consortium also included 24 Haymarket, Cambridge Enterprise, Martlet, and the Cambridge Angels.
Flusso, a University of Cambridge spinout, develops sensor miniaturisation technology. Flusso’s patent-protected technology enables flow sensors (used in flow meters that monitor the movement of gas or liquid) to be made significantly smaller and less expensive, enhancing functionality without compromising performance. The technology can now be applied to both existing and future mass-market consumer products – including heating and ventilation systems, filtration units, and respiratory medical devices which had previously been too big, expensive or difficult to integrate.
Flusso was spun out of the University of Cambridge in 2016 by co-founders Professor Florin Udrea (co-founder of CamSemi, Cambridge CMOS Sensors, Cambridge Microelectronics, and Cambridge GaN Devices), Professor Julian Gardner (co-founder of Cambridge CMOS Sensors and Sorex), Dr John Coull, and Dr Andrea De Luca, all sensor experts with extensive experience in the semiconductor industry. They have been joined by Robert Swann, an experienced entrepreneur specialising in early-stage semiconductor companies, as chairman, and Dr Cleopatra Cabuz, formerly VP of Technology and Partnerships in Honeywell’s Safety and Productivity Solutions division.
Zickie Lim, Partner at Mills & Reeve said: “These products are already commercially available but the investment means that Flusso can develop and widen its portfolio. It is great to see key players in the investment sector supporting a local spin out from the University of Cambridge. The timing meant it was a challenge, but we got the deal over the line, notwithstanding the coronavirus lockdown.”