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AVID Technology

AVID Technology is a leader in the design and manufacture of electrified powertrain components and systems for heavy-duty and high-performance electric and hybrid vehicles.

The Cramlington-based business was founded in 2004 (as Comesys Europe) and today its innovative technology is used by many leading vehicle manufacturers to improve the efficiency of their diesel engine products and enable their high performance electric, hybrid and fuel cell vehicle powertrains.

In 2016 it raised £3.4 million of funding from three investment firms: NVM Private Equity, North East Technology Fund (part of IP Group) and Downing. The investment has been used to increase engineering and manufacturing capability and capacity at its Cramlington facility to meet increasing demand.

Private equity impact

  • £3.4 MILLION OF INVESTMENT TO SUPPORT COMPANY GROWTH AND EXPANSION OF MANUFACTURING FACILITIES

  • PROJECT PIPELINE DOUBLED BETWEEN 2017 AND 2018

  • SECURED OVER £50 MILLION IN NEW BUSINESS IN EARLY 2018, EXPORTING TO GERMANY, POLAND, SPAIN, US AND ASIA

  • CONSISTENT EMPLOYEE GROWTH TO 64 PEOPLE AS OF APRIL 2018 WITH PLANS FOR MORE

Achievements

  • BVCA MANAGEMENT TEAM AWARDS 2018 | VENTURE-BACKED MANAGEMENT TEAM - YORKSHIRE AND THE NORTH EAST

  • TIPPED TO ACHIEVE A US$1 BILLION VALUATION BY GP BULLHOUND



Location
Cramlington, Northumberland

Backers 
NVM Private Equity: 2016 – present
North East Technology Fund: 2016 – present
Downing: 2016 - present