Durham-based advanced manufacturing start-up, Evince Technology, which is developing an innovative process to manufacture electronic devices on synthetic-diamond substrates, has raised £525,000 in private investment and Innovate UK match-funding, facilitated by NorthInvest.
Evince Technology is developing high performance electron sources and other devices by combining its patented technologies with modern semiconductor manufacturing techniques to exploit diamond’s unique thermal and electronic properties.
Evince Technology will use the funds secured in this round to further develop its technology and drive the company from Demonstration to Pilot phase for 2021.
The raise 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. This Innovate UK programme is facilitated by NorthInvest in partnership with the Innovation SuperNetwork, North East BIC, and the UKBAA.
Evince Technology is the latest IP-rich tech start-up to benefit from a successful RAIA application. Since the programme was launched in July 2019, NorthInvest and the Innovation SuperNetwork, in partnership with the North East BIC and UKBAA, have deployed over £1m of grant funding into early stage start-ups through the initiative.
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.”
Investment Director at NorthInvest and Innovate UK Fund Lead, Jordan Dargue, added: “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.”
For further information, please visit: http://www.evincetechnology.com/