Synthetic diamond production business, Dyman Advanced Materials, based at the North East Technology Park (NETPark) in County Durham, is set to disrupt the $12bn market in 2021 after raising £571,466 in equity investment.
Dr Gary Gibson, founder of Dyman commented: “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.
Angel investors responded to the diamond manufacturer at a joint NorthInvest and Newcastle Angel Hub pitch event, initially committing £65,000 to the start-up in January 2020.
This initial round of funding enabled the company to complete the Proof of Concept phase which then led to the current funding round success.
This investment was also supported by E2E Capital Ventures, a partner of NorthInvest. The funding 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.
Jordan Dargue, Access to Finance Manager at Innovation SuperNetwork and Investment Director at NorthInvest, said: “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.
“At the SuperNetwork, we work closely with regional businesses to help them grow through innovation, and this is a stand-out example of where innovation can take start-up and scale-up companies in the region.”
The investment in Dyman Advanced Materials came as a result of a pitch event delivered jointly by NorthInvest and the Newcastle Angel Hub. NorthInvest and the Newcastle Angel Hub bring investors together and connect them with businesses at all stages of growth seeking investment. The Newcastle Angel Hub is delivered by the Innovation SuperNetwork, which is part-funded by ERDF.