A synthetic diamond start-up based at the North East Technology Park (NETPark) in County Durham has secured a six-figure investment from angel investors.
Dyman Advanced Materials secured £571,000 following a joint NorthInvest and Newcastle Angel Hub pitch event which initially led to a £65,000 investment in January 2020.
The latest funding was also supported by E2E Capital Ventures, a partner of NorthInvest.
It will enable 18 months further technological development into pilot-production to prove the commercial potential of diamond production and generate initial revenue for the company.
Dr Gary Gibson, founder of Dyman, said: “We are delighted about the investment we have received and are well on track to now refine and develop our innovative technology into our first production lines.”
Jordan Dargue, access to finance manager at Innovation SuperNetwork and investment director at NorthInvest, added: “It’s always really rewarding to see a business go from strength-to-strength whilst we work with them. Our journey with Dyman has allowed them to secure appropriate investment at every stage of development and I’m excited to see where the latest round of investment will take them next.”
News source: Insider Media North East