Investment adds spark to electronic design company

Midven, the Birmingham based venture capital business, has invested £250,000 into the Warwickshire electronic design and development company Assembled Electronic Solutions (AES).

The funding comes from the £35m equity finance portion of the Midlands Engine Investment Fund (MEIF), which is supported by the EU as part of the European Structural and Investment Funds Growth Programme, which Midven has been appointed to manage.

AES provides outsourced electronic design and development services to a range of industries. Products include automotive lighting, medical equipment and security devices.

AES now plans to use these funds to commercialise a range of their proprietary technologies, recruit and train additional staff, accelerate product development and improve their sales process.

Nigel Maris, managing director at AES, said: “This investment gives us a fantastic opportunity to develop and market strong internal IPR products and really progress our marketing activities. We are looking forward to working with Midven, who will offer strategic advice , guidance and work in partnership with us as we work towards increasing our sales in the microelectronics and electro- mechanics industry.”

Midven’s director, Surjit Kooner, said: “AES has fantastic potential which, with added financial support, will continue to create high-quality products  and expand its development services across automotive, aerospace, medical and defence industries.”

Grant Peggie of the British Business Bank added:”Electronic design is a highly-skilled industry with significant growth opportunities. Midven’s investment in AES demonstrates the type of innovative growing companies that the Midlands Engine Investment Fund has been set up to support. We look forward to seeing the next phase of AES’ business journey progress.”

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