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Diamond Microwave Devices closes GBP1.3m equity investment

Diamond Microwave Devices, a spin out from the diamond electronics team in Element Six Technologies, has closed a GBP1.3m equity investment from a consortium consisting of Oxford Technology Management, YFM, 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.

"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 and per dollar – both important to deliver a clear capability advantage. It has all the right ingredients of a high potential venture," says David Denny, partner at Oxford Technology ECF.

Element Six is a supplier of industrial diamond super-materials. 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.

Oxford Technology Management manages the GBP30m Oxford Technology Enterprise Capital Fund, a specialist fund in early stage technology companies.

YFM is an active investor in small to medium enterprises and has over GBP300m under management across a number of funds.

The ERA Foundation promotes innovation in electrotechnology and provides grants to projects at the early stages of commercialisation.

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