NOBIC-Backed Startup Venture Acquired by International Company
The acquisition of Fluence Analytics is a major milestone for the biotech industry in New Orleans
NEW ORLEANS (Feb. 2, 2023) — The New Orleans BioInnovation Center (NOBIC) is excited to announce the acquisition of Fluence Analytics, a NOBIC and BioFund-supported company, by Yokogawa Electric Corporation.
The Fluence Analytics acquisition is a major milestone of success for the life sciences industry in New Orleans. NOBIC’s relationship with Fluence Analytics, formerly Advanced Polymer Monitoring Technologies (APMT), 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 Alex’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 placed over eight additional 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,” says NOBIC Executive Director and BioFund Managing Director Kris Khalil. “Our initial investment with Fluence Analytics helped bridge a critical funding gap, allowing them to develop their first prototype and better position themselves 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,” says Fluence Analytics co-founder and President, Alex Reed.
The BioFund financing program started as an altruistic funding vehicle to support the diversification of our local economy after Hurricane Katrina. Since then, the fund has worked closely with partners to catalyze specialized job creation, invest in the evolution of university IP, and provide experiential learning opportunities to students. 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.
“As a New Orleans native that joined Fluence Analytics to work with Alex to scale and drive to an exit, I’m thrilled with this result and the impact it will have for future startups in New Orleans,” says Jay Manouchehri, CEO of Fluence Analytics.
For more information on Fluence Analytics and the acquisition, please visit here.
For more information on NOBIC, please visit neworleansbio.com.
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About New Orleans BioInnovation Center :
The New Orleans BioInnovation Center (“NOBIC”) is a nonprofit business incubator focused on advancing life science entrepreneurship and technology commercialization in Louisiana. The mission of NOBIC is to create a successful biotech ecosystem by providing emerging companies with customized commercialization services, premier facilities and a comprehensive support network. Through relationships with research institutions, economic development organizations and industry stakeholders, NOBIC helps its clients de-risk novel technologies, attract funding and improve global health outcomes. For more information visit neworleansbio.com.
About New Orleans BioFund:
The New Orleans BioFund was created to support small businesses in the region looking to grow, create jobs and contribute to the economic revitalization of New Orleans. The BioFund operates in all industries, but places a special emphasis on biotechnology. For more information visit neworelansbio.com/biofund.