The terms of the deal, which have not been disclosed, help confirm the UK’s position as one of the leading countries for business in the sector.
Founder and CEO Alex Lawrence-Berkeley, who will maintain his existing role, said that the acquisition was in the best interests of both companies, as well as suppliers and customers. “It’s a perfect fit, we’ve now got access to a considerable support network of back-office support, international logistics and engineering services, which means that upcoming economic challenges such as the UK’s exit from the EU are considerably reduced.”
The company, which was incorporated in 2018, is already representing numerous suppliers in the UK and the wider European market. “It’s great timing since our sensor, data storage and processing suppliers have all put a lot of faith in signing up with us. They understand, as we do, that the UK and European markets for autonomous vehicle technologies – and the considerably larger market for drones, surveying, advanced security, intelligent mobility and robotics – are active and growing. We’re well placed to reach those customers, whether they’re in universities or private enterprises.”
The company was created to provide simpler access and clearer pricing of the components required for technology projects, including autonomous vehicle R&D. “It’s near impossible to find accurate pricing to develop project plans and budgets, and when you do find prices from many of the incumbent brands, they are often hugely inflated because of their market dominance,” said Alex. “When I started the company, the goal was to find the best products and then offer them at the best prices, and we’re already achieving that.”
Level Five Supplies’ focus will also remain on the products that enable autonomous vehicles. Their specialist high-end sensors, including high-resolution panoramic LiDAR, radar and camera systems, processing platforms designed specifically for computer vision, rich media data storage and other hardware are also used in various other industries, including intelligent road infrastructure, surveying, industrial automation and robotics.
“This new business relationship allows us to really focus on doing what we need to do, going to see customers, demonstrating products and showing off the capabilities of our exciting product range.”