Evince Technology (Evince), which is developing breakthrough technologies to enable the manufacture of synthetic diamond-based electronics, has today announced that the company has successfully closed its largest and most significant funding round to date.
The company has raised £750,240 of new equity investment from business angels and other private investors. A quarter of the total was raised via Syndicate Room in just 10 days (£189K) resulting in the round being over-funded by £100K, which was the maximum agreed by the company at the outset.
This latest investment, together with a £230K Innovate UK award secured in late 2015, will allow Evince to accelerate key aspects of its technology development programme while continuing to strengthen its patent portfolio.
Lead investor James Morton said: “Following extensive due diligence our investor group believes Evince has a unique practical approach to realising electronics using synthetic diamond. Diamond offers the potential to yield devices that are up to 100x faster than silicon and could therefore revolutionise electronics across a broad range of industries and multi-billion dollar markets. Our investment decision was based amongst other things on the professionalism of the company’s approach, its passion and determination to succeed, and in particular its rigorous development programme to deliver first prototype solid-state diamond electronic devices.”
Evince chairman Phil Cammerman said: “This latest funding round is a major milestone in the company’s development. It is the largest new investment since Evince restructured its business in 2013 and a significant endorsement for the company’s strategy and technology. Our aim is to work more closely with partners across a wide range of target applications where we believe our novel diamond technology has the potential to deliver the quantum leap in performance over silicon that the industry is urgently looking for.”
Evince was re-launched in 2013 to focus on development of a robust core technology and to expand its target applications, whereas previously the company had planned to develop and market its own products for the power and energy sectors. The new strategy will see the company work with partners to define products and target applications, then licence its patented synthetic diamond processing technologies to their semiconductor manufacturing partners.
1- Evince Technology’s new £0.75 million funding round will help the company accelerate development of its breakthrough semiconductor technologies for synthetic diamond-based electronics.
This image shows Dr Gareth Taylor, CEO of Evince with one of the processing tools being developed by the company specifically for its diamond devices.
About Evince Technology
Evince Technology is developing breakthrough semiconductor technologies to enable the manufacture of a range of synthetic diamond-based electronic devices. Initial target markets for these devices include: high voltage protection diodes; and solid-state vacuum electrode devices for high frequency imaging, materials processing, defence and aviation applications.
The company has already manufactured proof of concept diodes and is now working to develop prototypes of two specific device types.
Evince is based at NETpark, Sedgefield, County Durham, and aims to develop then licence its unique patented technologies to third-party device developers and manufacturers. The company is privately funded by investors from Thames Valley and Oxford Investment Networks, London Business Angels and Syndicate Room members, and also supported through technology innovation grants.
For further information see www.evincetechnology.com.