Huge investment boost adds sparkle to Sedgefield synthetic diamond firm

A synthetic diamond developer says it is ready to make further plays in a $12 billion market after securing £882,000 funding.

Dyman Advanced Materials has been backed by investors to commercialise its polycrystalline diamond technology (PCD).

The firm, based at NETPark, in Sedgefield, County Durham, says the cash will also help expand its range with a new carbonado diamond, made by combining extremely high temperatures with intense pressure.

The funding was secured through third and fourth investment rounds.

The third round saw angel investors back the business at a joint Newcastle Angel Hub and NorthInvest pitch event, with £414,000 matched by a further £221,000 from angel investors across the UK.

The fourth round, which closed at the end of June, raised more than £247,000, of which £117,000 came through the Regional Angel Investment Accelerator programme and £130,000 through Newcastle Angel Hub investors.

Dr Gary Gibson, Dyman founder [pictured below], said: “This is an overwhelming amount of money, and we are thrilled to be able to continue with our new product development.

“It is very exciting to have such a wide range of investors, both from the North East and across the UK, not to mention the RAIA funding – we have a lot of people backing us on this journey.”

Jordan Dargue, head of access to finance at Innovation SuperNetwork, and NorthInvest board director, added: “We’ve supported Dyman from the start, and it is so rewarding to see them go from strength-to-strength.

“Our journey has allowed them to secure appropriate investment at every stage of development, and I’m excited to see how these third and fourth rounds of investment will allow them to commercialise their PCD and expand their product range.”