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Hardide

Hardide manufactures a unique, surface engineering technology. The Oxfordshire-based company's super hard coating for steel and metal parts has widespread applications in the oil and gas industries, as well as in metalworking, tool manufacturing and car components. In April 2005, the company floated on AIM with a market capitalisation of over £12m.

Hardide previously raised finance with the help of Oxfordshire Investment Opportunity Network (OION), Europe's leading technology business angel network, which enabled the company to grow to the point where it could attract venture capital investment.

Jim Murray-Smith, Chief Executive of Hardide, said:

“We are delighted with our successful AIM listing. The new capital injection will be used to fund development of the company including expenditure on equipment and expansion of our sales and marketing operations. These activities should enhance the company's operations and enable us to develop new business in the USA and elsewhere.”

Mr Murray-Smith praised OION:

“The OION Network has played a key role in Hardide's growth. In 2000, OION helped us secure £300,000 - this was crucial finance which allowed us to significantly develop our business. As a result we were able to attract over £1.6m in our next funding round in 2003, which included investment from business angels belonging to OION, as well as venture capital funding.”

Dr Jon Cox, Manager of Oxfordshire Investment Opportunity Network, said:

“I congratulate Hardide on their substantial achievements in just five years. They have grown from a start-up with an innovative technology to a key player in the materials coatings sector. They are a perfect example of the high growth potential companies that seek finance through OION.”

Hardide developed its technology in Begbroke Innovation Centre, one of 12 innovation centres run by Oxford Innovation for 300 knowledge-based businesses.

Dr David Kingham, Chief Executive of Oxford Innovation, said:

“Hardide is a great success story. They grew in Begbroke Innovation Centre, in an ideal location with access to the University of Oxford's world-class materials science facilities, and enjoying flexible terms designed to boost the development of start-up companies. When Hardide outgrew the Innovation Centre, one of our directors helped the company identify a site in Bicester where they were able to establish their own purpose-built factory. We wish Hardide all the very best in the future and will follow their progress closely.”

Website: www.hardide.com