After surviving the collapse of its first major client, MG Rover, an innovative London engineering design company is looking forward to rapid expansion.
Vehicle Security Systems offers patented technology to car manufacturers to increase safety, comfort and functionality - combined with weight, space, energy and cost reductions.
The company pairs up with third party manufacturers, which make its patented designs. They then sell them in conjunction with one another into the motor industry.
"This gives us a very efficient business model, and we avoid the quality control issues," says VSS company secretary Lindsay Roberts.
Among its 130 patents, VSS - which is owned by parent company Automotive Latch Systems - has developed The Universal Latch System which it believes represents the most significant and innovative technological advancement in door latch technology of the past 30 years.
Its design uses just one relatively small motor costing around 30 pence. In comparison, today's latches in order to perform a maximum of four functions use four motors, including at least one costing around £8.
The company already has manufacturing agreements with latch makers in India, Korea and China - where it will supply MG Rover's successor Nanjing Auto with all its latches - and is in talks with a Japanese latch manufacturer.
"Our Korean manufacturer is the main latch supplier to Hyundai, and we hope to supply them with their corporate latch," Lindsay says. "And in Japan we are in talks with the top tier manufacturers including Toyota, Suzuki, Mitsubishi, Honda and Isuzu."
A number of smaller companies, with faster decision making processes, have already ordered its latches. These include Lotus, Tesla and UK firm Connaught. On the European front, it is in advanced talks with BMW and Volkswagen, among others.
The company is now seeking to raise £2 million through Advantage Business Angels. This will allow it to double its current team, from 20, and expand its product list to actuator-based systems, such as windscreen wiper motors, car seats and starter motors.
"This is certainly a very exciting time for us," says Lindsay. "We've gone through the risky stage and we're now looking at growth rather than survival. The business is just poised to take off."
