A FIRM behind diamond work in electronics is moving into the next phase of its expansion after raising £750,000.

Evince Technology is developing synthetic diamond-based devices for high-voltage and high-power industrial equipment.

Bosses say the work includes potential apparatus for the rail sector and medical imaging.

They added diamonds could also improve computer performance as they are capable of operating at higher heat than traditional silicon parts.

To aid its growth, the business, based at NetPark, in Sedgefield, County Durham, raised its largest and most significant funding to date, with £750,240 of new equity investment coming from business angels and private investors.

A quarter of the total, £189,000, was raised through Syndicate Room in just ten days, resulting in the round being over-funded by £100,000, which was the maximum agreed by the company at the outset.

The firm says the latest investment, together with a £230,000 Innovate UK award secured in late 2015, will allow it to accelerate its development programme and strengthen its patent portfolio.

Evince, which has been at NetPark since it was founded in 2008, was re-launched in 2013 with a focus to expand its target applications and is now developing projects alongside academic and industrial partners.

The company had previously planned to develop and market its own products for the power and energy sectors.

Phil Cammerman, Evince chairman, 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 its 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 employs a small number of staff at NetPark, with its diamond work including potential use in electricity transmission and security imaging.

James Morton, lead investor, said the business had impressive credentials.

He added: “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 100 times faster than silicon and could therefore revolutionise electronics across a broad range of industries and multi-billion dollar markets.

“Our investment decision was based, among other things, on the professionalism of the company’s approach, its passion and determination to succeed, and its rigorous development programme.”