Diamond Microwave Devices Closes GBP1.3m Commercialisation Round

LEEDS , England, Nov. 30 /CNW/ - Diamond Microwave Devices (DMD), a spin out from the diamond electronics team in Element Six Technologies (E6), has closed a GBP1.3m equity investment from a consortium consisting of Oxford Technology Management, YFM via the Partnership Investment Fund, The ERA Foundation and two private investors.

During the course of 2009, DMD has made various performance breakthroughs in its diamond-based transistor technology and this investment round will be used to develop and build power amplifier modules for customer trialling during 2010. The DMD diamond transistor technology will enable the move to low cost, lightweight solid-state amplifiers in high power, high frequency applications such as radar, communications, SATCOMS, and electronic warfare.

"This new investment signals the next step for DMD. It will allow the company to progress with its plans to commercialise its ground-breaking technology, says Brendon Grunewald , head of E6 Ventures.

"DMD has gathered an experienced and fast-moving team both inside the company and outside with its choice of partners, to develop the product in close concert with its first customer. DMD's customers will get a step change in performance per kg & per dollar - both important to deliver a clear capability advantage. It has all the right ingredients of a high potential venture," notes David Denny , partner at lead investor Oxford Technology ECF.

Element Six is the world's leading supplier of industrial Diamond supermaterials. It is an international company with its head office registered in Luxembourg and processing and manufacturing facilities in Germany , Ireland , UK, Netherlands , Sweden , South Africa and China . Its business encompasses four divisions: Oil & Gas, Advanced Materials, Hard Materials and Technologies and the company manufactures Diamond using high pressure high temperature (HPHT) synthesis and chemical vapour deposition (CVD)

About the Consortium

Oxford Technology Management manages the GBP30m Oxford Technology Enterprise Capital Fund (OTECF), a specialist fund in early stage technology companies. Founded in 1983, Oxford Technology Management manages series of early stage technology funds and has a portfolio of over 80 such start up and early stage companies in its portfolios.

YFM is the UK's most active investor in small to medium enterprises with a history that goes back to 1982. As a group YFM has over GBP300 million under management across a number of funds. These funds have been backed by The European Investment Fund, High Street Banks, large corporations, pension funds, private individuals, and public sector bodies and the European, UK Government and regional development agencies.

The ERA Foundation promotes innovation in electrotechnology to strengthen the economic vitality of the UK. To this end, as well as seeking to raise the profile of engineering and supporting young people at formative stages of their careers, ERAF provides grants to projects at the early stages of commercialisation and invests in young technology companies.

http://www.diamondmicrowavedevices.com

For further information: Dr Richard Lang, General Manager, Diamond Microwave Devices, Leeds Innovation Centre, 103 Clarendon Road, Leeds, LS2 9DF, Tel: [phone], Email: [email protected]