Avid Technology Group, a Cramlington, UK-based manufacturer of electrified vehicle powertrain systems that improve vehicle efficiency and reduce emissions, raised £3.4m in funding.
Backers included NVM Private Equity, which has made a £2.0m investment.
The company intends to use the funds to develop its engineering and manufacturing capabilities at its Cramlington facility.
Led by Ryan Maughan, Managing Director, Avid provides vehicle manufacturers with technology to improve the efficiency of their diesel engine products and enable their high performance electric, hybrid and fuel cell vehicle powertrains. The technology is used in applications ranging from buses and off-highway machinery to hybrid and electric supercars.