Tax break draws crowdfunding Nanusens to UK

December 05, 2018 // By Peter Clarke
Tax break draws crowdfunding Nanusens to UK
Because a large number of investors backing MEMS company Nanusens via a crowdfunding scheme wished to use a UK tax relief scheme the company has moved its base from Barcelona to UK, albeit registered at the offices of solictors in London.

Nanusens has raised more than €1 million via the Crowdcube scheme as reported by eeNews Europe back on June (see Nanusens raises €1 million via crowd funding ). This money came from 786 people with the majority of them being tech-savvy investors who wanted to obtain tax relief under the UK government's Enterprise Investment Scheme, according to Josep Montanyà i Silvestre, CEO of Nanusens Ltd.

"In order to qualify for this, we moved the company's base from Barcelona to the UK. It took a couple of months to have this recognised for EIS so we kept the Crowdcube open until it was formally approved and then investment more than doubled our target."

The company eventually raised about £974,440 (about €1.11 million) for 21.3 percent of the company's equity.

The company, formed by former executives of the now defunct Baolab Microsystems, has plans to develop CMOS-based MEMS for three products: a low-cost accelerometer for wearables and toys; a high-performance accelerometer for augmented reality applications and an RF tuner circuit for use in smartphones.

Nanusens has a relationship with Globalfoundries for the manufacturing of MEMS.

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