Overfunding: Spanish Tech Startup Nanusens Secures £400,000 Funding Target on Crowdcube

Nanusens, a Spanish technology startup, has successfully secured its initial £400,000 funding target on equity crowdfunding platform Crowdcube. The funding round quickly attracted more than 400 investors. The company reported it raised £89.206 prior to launching its campaign on Crowdcube from a venture capital firm on the same price as offered to the crowd.

Founded in 2014, The company stated reported it has the technology to design and manufacture sensor chips that are found in mobile phones with a standard manufacturing process widely used in the semiconductor industry, called CMOS. It aiming to deliver new products to the market in 1-2 years, with lower production costs, smaller size, and better performance. Nanusens also revealed it has the supply chain fully defined, having partnered with trusted providers. The company reported:

“Since most mobile phones look very similar, they try to differentiate adding new and better sensors (measuring movement, air quality, and other parameters), which need to be also low-cost and of small size. These sensors are a special type of chips having nano-mechanisms inside, called MEMS, and they require specific manufacturing processes for each one. This means that it can take 5-7 years to launch new products to the market and the cost is high, because of the need to set up a new manufacturing process.”

Nanusens then revealed that its first product is planned to be ready by September after completing the mechanical part. Upon finishing the electronic part and doing final qualification, sales will start. The company also reported that it is already in conversations with potential customers in China with whom the final specifications are being defined.

Speaking about the Crowdcube campaign’s success so far, Dr. Josep Montanyà i Silvestre, CEO of Nanusens, shared:

“This has been an amazing week. We started with the counter at 78% and being saturday we are already at 106% and growing! Clearly offering EIS tax relief has made a difference. There has been a big jump with the speed of investments and their amounts in the last 2 days, when the crowd has been aware of this change in our project, thanks to the newsletters, updates, forum questions and e-mails sent.”

Funds from the funding round will go towards the growth and development of Nanusens’ products. The campaign is currently set to close at the end of May.

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