Diamonds
Image Source: J D Mack
Chloe Shakesby

"Revolutionary" synthetic diamond producer strikes gold with six-figure funding

A North East synthetic diamond producer has announced that it has raised more than £571k in funding.

Dyman Advanced Materials, based in County Durham, has raised £571,466 in equity investment through a joint Newcastle Angel Hub and NorthInvest event.

The company, which produces “revolutionary” synthetic diamonds, will use the funding to enable 18 months of further technological development to prove the commercial potential of diamond production and generate initial revenue for the company.

Based at the North East Technology Park (NETPark), Dyman raised the funding after an initial investment of £65k in January last year.

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.”

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 North East 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 deal was also supported by E2E Capital Ventures, a partner of NorthInvest.

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