A County Durham technology firm has secured more than £500,000 to help it manufacture electronics devices on synthetic diamonds.
NETPark based Evince Technology has raised £525,000 through private investment and Innovate UK match-funding in a move which will see it further develop its pioneering technology.
Evince was founded 12 years ago but restructured in 2013 to focus on the development of its core technology, which allowed it to manufacture a range of synthetic diamond-based electronics devices.
The company’s tech can be used to create electronics using synthetic diamonds, which has the potential to create devices that are 100 times faster than silicon and are also more energy efficient, conducting five times more heat than copper while withstanding high voltages.
This new investment will see the firm develop its technology from demonstration to pilot phase in 2021.
Gareth Taylor, founder and CEO of Evince Technology, said: “Evince Technology is poised to deliver the first major breakthrough to the component technology that sits at the heart of every x-ray system.
“This investment and Innovate UK match funding will bring us closer to realising innovative synthetic diamond-based products that could set new cost, performance and energy-efficiency standards within the sector.
“We’re very grateful for the support from NorthInvest and the Innovation SuperNetwork so far, as well as the ongoing support from our existing and new investors.”
The fundraise includes £375,000 of new equity from private investors which has been matched with £150,000 of Innovate UK grant funding awarded through the Regional Angel Investment Accelerator (RAIA) programme.
Jordan Dargue, investment director at NorthInvest and Innovate UK Fund Lead, said: “We’re delighted to support Evince Technology in securing this funding.
“Founder Gareth Taylor and his experienced team have succeeded in finding a commercially viable, and potentially revolutionary, method of integrating diamond’s unique properties into electron devices using their proprietary technology.
“Evince is yet another successful example of the highly innovative businesses that the RAIA programme with Innovate UK enables.”
