A creator of synthetic diamonds has raised £882,000 to bring its new technology to market following a successful proof of concept.
Dyman Advanced Materials, based at County Durham’s NETPark, says it will commercialise its polycrystalline diamond technology following third and fourth investment rounds.
The firm will also introduce a premium diamond product, created through technology using extremely high temperatures and intense pressure.
Earlier this year, Dyman – which aims to disrupt the $12bn diamond market – completed a third investment round which included £414,000 secured from angel investors via a joint Newcastle Angel Hub and NorthInvest pitch event and a further £221,000 from UK-wide investors.
And in a fourth round completed at the end of June, the firm raised more than £247,000, including £117,000 from the Regional Angel Investment Accelerator (RAIA) programme and £130,000 from the Newcastle Angel Hub investors. The RAIA programme is funded by Innovate UK and led by the North East Business and Innovation Centre (BIC) and delivered by the Innovation SuperNetwork and North Invest i