During a time of so much uncertainty, two Innovate78 companies provided a much-needed bright spot. Vista’s Flux Power and Carlsbad’s Acutus both found success in going public with multimillion dollar public offerings, shining a light on North County’s growing innovation sector.
Vista’s Flux Power (FLUX) develops advanced lithium-ion industrial batteries for commercial and industrial needs such as electric forklifts and airport ground support equipment. Its batteries deliver improved performance, simplicity of use, extended life cycle, and lower total cost than competing power solutions. Founded in 2009, the company has since experienced high growth, transitioning from a 30,000 foot space to a 64,000 foot facility and increasing its average units per order by more than 800 percent. The company announced the closing of an underwritten public offering of 3,099,250 shares of common stock priced at $4.00 per share for gross proceeds of approximately $12.4 million.
Acutus Medical (AFIB), a Carlsbad-based biotech company that develops 3-D imaging technology for heart procedures, also found major success with its IPO. The company’s flagship product, AcQMap, creates a virtual map of the heart that updates in real time with each heartbeat to help treat arrhythmia, which affects more than 2.7 million Americans. Acutus garnered such excitement around its story in the midst of the marketing process for the public offering that it had to upsize. It ultimately raised $183 million for its initial public offering.
At a time when business futures are so uncertain, we are so proud to have them establish roots–and blossom into widespread success–here along the 78 Corridor.