A Durham-based start-up is developing a new process to manufacture electronics devices on synthetic diamonds.
Evince Technology has raised £525k through private investment and Innovate UK match-funding.
It will use the funds to further develop its technology and grow from demonstration to pilot phase in 2021.
“Evince Technology is poised to deliver the first major breakthrough to the component technology that sits at the heart of every x-ray system,” explained Gareth Taylor, founder and CEO of Evince Technology.
“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 matched with £150,000 of Innovate UK grant funding awarded through the Regional Angel Investment Accelerator (RAIA) programme.
“We’re delighted to support Evince Technology in securing this funding,” added Jordan Dargue, Investment Director at NorthInvest and Innovate UK Fund Lead.
“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.”
