The transaction will enable the acquirers to expand their current product portfolio into flow and environmental sensing, and to establish a European footprint in Cambridge, UK to add to their existing facilities in the US and China. It will also give Flusso immediate access to significant additional expertise and capacity in the design, development and manufacture of new semiconductor devices.
Commenting on the acquisition, Dr Andrea De Luca, CEO of Flusso said: “Everyone at Flusso is excited by what this acquisition means for our business as we power into a new phase of development. It will help to accelerate the commercialisation of our flow sensing product lines; to fast-track the development and launch of our gas sensor products for environmental applications; and allow us to increase the investments and engineering resources allocated to developing new sensor innovations. We will also get improved access to markets and customers, particularly in Asia.”
Flusso will continue to operate under its own brand name and with its existing management team under the direction of CEO and company co-founder Dr Andrea De Luca.
Flusso was founded in 2016 as a spin-out from University of Cambridge with support from Cambridge Enterprise, the university’s commercialisation arm.
In June 2020, the company completed a significantly oversubscribed series A round, led by Parkwalk Advisors, to raise US $5.7mn (£4.65mn); and launched its first product, the FLS110, as the world’s smallest flow sensor targeting high-volume consumer, industry and medical applications later that year.
Goodwin Procter provided legal counsel to Flusso on the sale, with the two firms Baker McKenzie and Katten representing the company and private equity fund.
