Advanced Diamond Technologies, Inc. (ADT), a Romeoville, Illinois-based company which converts natural gas into diamond, today announces the close of its Series C round of financing. The Series C round was $3.5 million and oversubscribed; an up-round from ADT's Series B which closed in October 2006.
ADT is the world leader in developing and applying diamond film for industrial, electronic, and medical applications. ADT's capability stems from an innovation that turns methane into a patented form of smooth diamond through a thin-film process which enables the integration of diamond into a wide variety of devices.
ADT's products include UNCD® Wafers™—diamond-coated wafers for MEMS (micro-electrical-mechanical systems) development, NaDiaProbes®—atomic force microscopy (AFM) probes made entirely of diamond, and UNCD Seals—diamond-coated mechanical seals for pumps. RF (radio frequency) MEMS devices for wireless communications, biosensors to detect E. coli in water, and electrodes for water purification, all made from diamond, are in development.
“Despite the challenges of raising money in this economy, investors saw our momentum and the acceptance of our award-winning products in multiple industries with repeat customers. As a result, we were able to raise more capital than originally sought,” said ADT's president Neil Kane. “Proceeds will be used to fund marketing initiatives, and coupled with our product development pipeline, positions us well for accelerated growth.”