Dyman Advanced Materials
20th February 2020
Dyman a Durham-based startup developing new technology for synthetic diamond production has secured £75,000 in investment from angel investors from the Northern Angel Hub. The funding will allow the company to complete the Proof of Concept phase for its synthetic diamond manufacturing technology, and transition to production.
WHAT PROBLEM IS DYMAN SOLVING?
Gull Corporation, trading as Dyman Advanced Materials, is developing technology that improves synthetic diamond manufacture and aims to drastically reduce production costs.
The startup, was founded by Dr Gary Gibson and Michael Hunt and currently based at the North East Technology Park, pitched to investors affiliated with the Northern Angel Hub at a pitch event in early October hosted by SuperInnovation Network and Leeds-based non-profit NorthInvest as part of the Regional Angel Investment Accelerator (RAIA) programme.
WHAT WAS THE FUNDING USED FOR?
Angel investors from the Northern Angel Hub responded enthusiastically to the diamond manufacturer’s pitch, committing £75,000 to the startup.
This commitment from angel investors will be match-funded by Innovate UK as part of the RAIA programme, a £1m grant fund from Innovate UK, co-divested by NorthInvest, Innovation SuperNetwork, North East Business Innovation Centre (BIC) and the UK British Angel Association (UKBAA) to fund innovative startups across the North of England.
With a PhD in Materials Engineering from Imperial College London and over 20 years experience in industry, Dr Gary Gibson and business development consultant Michael Hunt founded the company after spotting an opportunity to access the industrial and gemstone synthetic diamond markets by improving cost efficiency in manufacturing.
Investment Director at NorthInvest and Angel Investor, Jordan Dargue, who also contributed to the raise, says:
‘The synthetic diamond market has garnered significant interest in recent years and flourished into a $17 billion industry. We’re delighted that Dyman has secured investment from our collaborative partnership with Innovation SuperNetwork as part of the Northern Angel Hub.’
Founder of NorthInvest and CEO of aql, Prof Adam Beaumont, who joined the raise adds:
‘Gary and his team at Dyman Advanced Materials are a brilliant example of the innovative technology and high-growth potential start-ups based in the North of England. We look forward to seeing the company grow and are excited to witness the evolution of this potentially revolutionary technology and the subsequent innovations in other markets which this could enable.’’
Dr Gary Gibson says of the raise:
‘The whole fundraising process couldn’t have gone smoother. I commend the professionalism and efforts of NorthInvest and Innovation SuperNetwork at the Northern Angel Hub. Their team’s advice has been invaluable and we’re grateful for the opportunity to engage with investors.’