We are delighted to announce that the Parkwalk-managed University of Bristol Enterprise Fund I has closed an investment in NuNano, a.......
 
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Parkwalk University of Bristol Enterprise Fund I closes NuNano investment
 
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NuNano

We are delighted to announce that the University of Bristol Enterprise Fund I has completed an investment in Nu Nano Ltd, a company specialising in the design and manufacture of probes for atomic force microscopy and other cantilever-based sensor devices.

 
 

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Microelectromechanical systems (MEMS) have come to prominence in the last decade or so and can now be found in nearly all smart devices. Microcantilevers are perhaps the simplest form of MEMS devices, whereby a change in the bending or vibrational frequency of the cantilever, enables devices to measure various physical, chemical or biological attributes of their surroundings.

Atomic force microscopy (AFM) is a versatile imaging and characterisation technique which has found use in a wide range of applications – from quality inspection and failure analysis in semiconductor foundries to the latest research in molecular biology. AFM can achieve resolutions 1000 times higher than the limits of optical microscopy. AFM is made possible by devices called AFM probes, which consist of a microcantilever with an almost atomically sharp tip protruding from is free end, much akin to a record player stylus. These probes interact with a sample surface enabling topographic images to be constructed, as well as collecting other information relating to, for example, conductivity, adhesion or magnetic properties and can even manipulate objects on an atomic scale.

NuNano started out manufacturing bespoke cantilever sensors for research projects at the University of Bristol and has taken that expertise into the company, which formed in 2011. The aim is to continue to commercialise the manufacturing technology related to these devices.

The Technology
NuNano’s core technology centres on new microfabrication processes which will enable the first major change in way AFM probes are manufactured since they came to market over 20 years ago. This will enable NuNano to manufacture silicon AFM probes, the current market standard, with the tightest dimensional tolerances available on the market. This reduces variation in the spring constant and resonant frequency between probes (the key mechanical parameters), which in turn improves the accuracy and reproducibility of the results obtained by AFM users.

NuNano has also designed a novel range of silicon nitride probes, which are suitable for use in developmental systems. These probes have spring constants around 1000 times lower than the current softest AFM probes, allowing a whole new regime of low-force measurements to be explored.

The Opportunity
NuNano has a clear opportunity to enter the AFM probe market and redefine the way these devices are manufactured. NuNano’s AFM probes offer superior quality and uniformity compared to other available products, and hence greater reproducibility of imaging and characterisation using their probes. NuNano niche products and bespoke probe fabrication service mean they remain at the forefront of the industry. NuNano also offers a fast-turnaround in-house AFM imaging service allowing academic and industrial customers to benefit from their in-depth knowledge of AFM.

The global microscopy market had an estimated value in 2016 of $4.7bn (source: marketsandmarkets), of which the market of AFM represented approximately 10% of this. The market for AFM probes is estimated to be worth $200m annually (source: Future Markets) and is growing at 10-12% per annum. AFM probes sell for $10s-100s, while the AFM instruments cost from $10k to upwards of $1m. The market is dominated by three players, NanoWorld AG, Bruker and Olympus, who account for around ¾ of the global market.

The Team
Dr. James Vicary, Managing Director and Founder, has 14 years of experience in AFM, of which 5 were spent designing and manufacturing unique cantilever sensors for various research projects at the University of Bristol. Seeing his microfabrication endeavours yielding new science led James to found NuNano, with the aim of bringing novel AFM probes to the wider scientific community.

Professor Heinrich Hoerber, Founder and Director, is an Emeritus Professor of Nanobiophysics at the University of Bristol. His research interests are focussed on scanning probe microscopy and high resolution optical instrumentation. Previous posts included working with Prof. G Binnig, the co-inventor of the AFM, and working at the European Molecular Laboratory in Heidelberg. He has been granted patents in scanning probe and optical techniques and has previous start-up experience with LifeBits AG.

Professor Mervyn Miles, Founder and Director, is Professor of Physics at the University of Bristol. His research has focused on the development and application of new scanning probe microscopes, including the invention of high-speed AFMs and the use of nanotools controlled by holographic optical tweezers. Mervyn co-founded Infinitesima to bring high-speed AFM to the semiconductor industry. He is Chief Scientific Adviser to the UK Institute of Physics Publishing and is a Fellow of the Royal Society.

Rick Chapman, Non-Executive Chairman, has over 30 years of experience in high-tech industries including 5 years with Marconi and 12 years at STMicroelectronics. He also has 15 years’ experience with start-ups including roles with SuperH Inc., an IP licensing company, Cobault Ltd, Spiral Gateway Ltd and Reveal2me Ltd. He is currently Entrepreneur-in-Residence at SETsquared Bristol and High Tech Sector Specialist for Invest Bristol & Bath.

The Outlook
R&D to date has de-risked many unknowns concerning designs and fabrication processes. Successful proof of concept work has exceeded expectations and the company hope to complete this phase of development within two years.
Commercially, NuNano has released a range of standard AFM probes and has already seen sales both in the EU, where it will focus its efforts first, and further afield. We are confident that the team’s leading research and considerable practical experience will allow NuNano to continue its impressive progress in this field.

 
 
 
 
 
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Opportunities EIS Fund

The Parkwalk Opportunities EIS Fund is open to investors all year.

Please email funds@parkwalkadvisors.com for further details.

 
 
 
 
 

Important Information

This financial promotion is issued by Parkwalk Advisors Limited (Parkwalk), which is authorised and regulated by the Financial Conduct Authority. Investments referred to in this newsletter are not suitable for all investors.  Interested parties are strongly recommended to seek specialist financial and tax advice before investing in any product.  Capital is at risk and investors may not get back the full amount invested. Tax treatment depends on the individual circumstances of each investor and may be subject to change. Past performance is not a reliable indicator of future results, and the value of investments may go down as well as up. Projections and forecasts are also not a reliable indicator of future performance. Investments in small and unquoted companies carry a higher risk than many other forms of investment. Any investment in a Parkwalk product must only be made on the basis of the terms of the full Information Memorandum. Parkwalk is not able to provide advice as to the suitability of investing in any product.