AVID Technology
Sector
Engineering & Manufacturing
Deal Type
Development Capital
Initial Investment
March 2019
Transaction size
£7m
Location
Cramlington
Maven Office
Newcastle upon Tyne
About AVID
AVID specialises in the manufacture and development of powertrain components and propulsion systems for heavy-duty and high-performance electric and hybrid vehicles. Its product range includes constituent parts for battery systems, power electronics, thermal management systems and traction motors.
The electric and hybrid vehicle industry is undergoing significant growth fuelled by several Original Equipment Manufacturers (OEMs), such as BMW, Jaguar Land Rover, Mercedes, Porsche and Volvo all announcing ambitious plans for fully electrifying their product ranges. AVID supplies its innovative electrification components to an impressive blue-chip client base.
We are very pleased to welcome Maven as part of this latest investment round. AVID is experiencing unprecedented demand for its products and services and we are looking forward to delivering on this growth potential with the support of our new and existing investors.
Ryan Maughan, Managing Director at AVID Technology
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