A Greater Manchester tech firm, which has developed cutting edge computer vision and facial animation technology, has been sold by its PE backers NorthEdge Capital.
The PE firm has completed the second exit from its Fund II with the sale of Cubic Motion to US video gaming giant Epic Games.
Founded in 2009, Cubic Motion has flourished since moving to Manchester, attracting significant investment, and more than doubling its headcount.
Its technology has been used in video games including Hellblade and Call of Duty.
NorthEdge’s investment in September 2017 unlocked the next phase of growth for Cubic Motion, which saw the business expand into US markets with a permanent presence in Los Angeles and transition into new headquarters at Manchester Science Park.
The Cubic Motion investment was led by George Potts, Investment Director, and Jon Pickering, Partner at NorthEdge.
The exit was led by Potts and supported by Grant Berry, managing partner. Legal advice was provided by David Mkhitarian, Hill Dickinson.
Cubic Motion CEO, Dr. Gareth Edwards, said: “Following our highly successful partnership with NorthEdge, we are delighted to be joining Epic Games and look forward with excitement to this next chapter in our story.”
George Potts, Investment Director at NorthEdge Capital, said: “Three years ago, we were hugely impressed by Cubic Motion’s demonstration at SIGGRAPH Real-Time Live!
"We completed a growth capital investment shortly thereafter, and our partnership has enabled Cubic’s research team to drive forward their unique ‘analysis-by-synthesis’ approach to computer vision.”
“In concluding our second exit from NorthEdge Capital Fund II, we are excited to see Cubic’s Manchester-born intellectual property and world-leading team join forces with Epic’s Unreal Engine Team.
"Cubic’s journey will continue, and we’re proud to have supported the team and played our part in their success to date.”
