NEW ORLEANS — The New Orleans BioInnovation Center has announced the acquisition of Fluence Analytics, a NOBIC and BioFund-supported company, by Yokogawa Electric Corporation. The financial terms of the deal were not disclosed.
Fluence provides real-time analytics solutions to polymer and biopharmaceutical companies worldwide. According to Yokogawa, Fluence is a “global leader in polymerization reaction monitoring and control, and its automatic continuous online monitoring of polymerizations product is the only commercially available system that can measure and analyze multiple polymer properties in real time. ”
NOBIC’s relationship with Fluence Analytics, formerly Advanced Polymer Monitoring Technologies, dates to 2012 when Alex Reed led the licensing and spin out of the core technology from the Tulane University Poly-RMC lab, led by Reed’s father, Dr. Wayne Reed. APMT received pro-bono company support and was housed at the New Orleans BioInnovation Center at 1441 Canal before opening a private facility in New Orleans.
The New Orleans BioFund provided the initial startup funding to support the deployment of a prototype. Subsequently, BioFund provided more than eight follow-on capital placements in the fledgling company.
“Startup capital is often difficult to obtain for early-stage advanced technology businesses, which are inherently high-risk ventures,” said NOBIC Executive Director and BioFund Managing Director Kris Khalil in a press release. “Our initial investment with Fluence Analytics helped bridge a critical funding gap, allowing it to develop its first prototype and better position itself for growth and success. With the returns generated from this investment, we expect to place 10 to 20 new investments in Louisiana biotech and technology startups in the coming years. This acquisition is a significant victory for Fluence Analytics, BioFund, Tulane University and the future of innovation in our backyard. We are extremely excited about what comes next.”
“NOBIC’s commercialization services and the BioFund’s capital were instrumental in the early years of our startup. We are very grateful for their support of our vision,” said Fluence Analytics President Alex Reed.
The BioFund financing program started as an altruistic funding vehicle. Since then, it has worked closely with partners to catalyze specialized job creation, invest in the evolution of university IP and provide experiential learning opportunities. Now, the fund has officially returned a multiple on investment capital and will be reinvesting this into the next generation of local advanced technology startups.