Fluidic Analytics Limited (08737738): administration
- Status
- Administration ended
- Administration began
- 2023-11-01
- Administrators' firm
- Opus Restructuring
- Formerly
- Fluid Analytics Limited
- Incorporated
- 2013-10-17
- Location
- Milton Keynes
- Industry
- 72110 Research and experimental development on biotechnology
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Since inception, it was always accepted that the Company would require equity funding during its initial years, in order to develop its scientific research into a commercial offering. As such, the Company had received a considerable amount of investor funding over a number of years to address working capital needs and annual losses. There were numerous rounds of funding since the Company’s incorporation, with the most recent being the ‘Series C funding round’ in June/July of 2022. The expansion challenges the Company faced, to grow at a global rate and meet all commercial needs, meant that it struggled to meet the targets promised in the Series C funding.
Additionally, the Fluidity One-W (“One-W”) product massively increased the Company’s cash burn-rate. The One-W was launched in November 2019 with an average sales price of £28,000 and predominantly, was targeted at an academic market audience. However, this product was overly complicated and prone to error, which subsequently led to time and resources being spent by the Company on fixing and maintaining customers’ One-Ws. The time and resources spent by the Company was imperative to maintain good customer relations but meant that the Company had a high than anticipated cash burn-rate.
The Company chose to replace the One-W with the Fluidity One-M (“One-M”) in 2022, however, the One-M had a longer sales cycle of up to a year and cost an average of £105,000. The price, lifespan of the One-M and failure of the One-W meant that sales were initially slow. Therefore, when seeking funding in the second quarter of 2023, the investors from the Series C funding round were unwilling to commit to further investment due to the disappointing sales figures and the increased cash requirements of the Company.
Administrators' statement of proposals (2023-12-30) · Companies House register