Newcastle-based technology consultancy hedgehog lab were today confirmed as 984th in the Inc. 5000 List of Europe's Fastest-Growing Companies. hedgehog lab specialise in the creation of mobile, immersive and connected solutions, and recently announced their intention to launch a new division that will concentrate on the development of solutions featuring artificial intelligence (AI).
Inc. have compiled and released their renowned growth list for each of the past 37 years. Based on an organisation's growth in revenue over a period of three years, rankings identify the top 5000 of Europe's millions of privately held companies.
Incredibly, the median company on the list increased sales by more than 254% since 2013, whilst the average growth of each company sat at an explosive 473%. hedgehog lab's growth sat above average at 667%.
Back in 2016, it was revealed that hedgehog lab were on-course for a third successive year of over 100% growth. Momentum remained with them throughout 2017, as the consultancy secured £1m of investment from Maven Capital Partners to help further accelerate their development.
Earlier in the week, Utility of the Year award-winners Northumbrian Water announced hedgehog lab as their chosen innovation partners for the next 12 months. The deal will see hedgehog lab help lead the NWG Innovation Festival this July, host four innovation challenges to solve real-world issues and collaborate with Northumbrian Water across a number of other projects.
Yesterday, the BBC announced they will support the Great Exhibition of the North this Summer. hedgehog lab's Chief XR Officer, Shaun Allan, appeared live from Gateshead Sage on BBC Breakfast during the announcement, discussing the virtual reality experience the company will be delivering for the event.
Sarat Pediredla, CEO and Co-Founder at hedgehog lab, said:
"We're ecstatic that our growth has been recognised by Inc. as this is an achievement that places us alongside some of Europe's most impressive and well-known brands.
"The fact we feature alongside companies such as Dyson really helps to demonstrate the magnitude of the accomplishment. It's one that is a testament to the hard work, determination and talent of our team.
"In the years Inc. have measured as part of their rankings, we made a very conscious effort to grow our presence globally. To have our work recognised on such an international scale really vindicates such decisions."
hedgehog lab also has offices in London, Boston, USA and Hyderabad, India.