Flow sensor developer Flusso Ltd. (Cambridge, England) has been sold to an unnamed company and a global private equity fund for £28 million (about US$34 million).
The acquisition will enable the unnamed acquirers to expand into flow and environmental sensing and add to existing facilities in China and the United States. It will also give Flusso access to additional capacity to design, develop and manufacture semiconductor devices, the company said.
It was not explained why the acquirers wanted to remain anonymous. It is notable that acquisitions by UK technology-based companies have been coming under increased scrutiny recently, under national security investment legislation (see Newport Wafer Fab sale comes under investigation).
Andrea De Luca, CEO of Flusso, said the acquisition would fast-track the development and launch of gas sensor products for environmental applications; and accelerate the development of sensor innovations.
“We will also get improved access to markets and customers, particularly in Asia,” De Luca said.
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 Andrea De Luca.
Flusso was founded in 2016 by 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 were joined by Robert Swann, an experienced entrepreneur specialising in early-stage semiconductor companies, as chairman, and Cleopatra Cabuz, formerly vice president of technology and partnerships in Honeywell’s Safety and Productivity Solutions division.
The company raised $5.7 million (about £4.65 million) in Series A funding back in June 2020 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.
Flusso has an intellectual property portfolio of CMOS MEMS and sensor packaging innovations covering 13 patent families, and is currently developing its first gas sensing products for market launch.
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