After recent funding of $ 14.5 million received by San Francisco-based startup Akash Systems who uses Lab-grown diamond nanometers for its proprietary GaN-on-diamond transistors, two more disruptive diamond startups have raised equity funding.
Dust Identity raises Series A funding of $ 10 million
A Massachusetts-based supply chain and tracking startup that uses diamond dust – Dust Identity has raised $ 10 million in Series A round. Diamond dust are industrial diamonds waste that are used to lightly coat an object, to create unique tagging properties and to ensure that an object hasn’t been jumbled with. Tiny diamond fragments in a polymer are sprayed on a component to create durable tracking codes. Such properties can help secure complex global supply chain.
This funding round was led by Kleiner Perkins, who also led the Seed funding round of $ 2.3 million last year, and VC arms of Lockheed Martin and Airbus also made strategic investments, along with New Science Ventures, Angular Ventures and Castle Island Ventures. The money raised will help the startup refine and commercialize its technology.
Ophir Gaathon – CEO, Dust Identity “We’re using synthetic diamonds that are inexpensive compared to natural diamonds… And we’re using diamonds from the abrasive industry, so we’re recycling.”
While typical RFID tagging costs around 15 cents each, the startup claims that spraying diamond dust across circuit boards is so inexpensive that at large scale a single application tag can cost as low as one thousandth of a cent.
Luxiee – diamond marketplace raises 6-figure seed funding
A Singapore-based online diamond marketplace – Luxiee has recently raised 6-figure private seed funding. The investment was led by Kewee Kho – Roadbull Logistics VC and independent director of Courts Asia.
First in the world to set up an online marketplace that connects diamond consumers directly with established suppliers, a disruption to the traditional model of going through the diamond pipeline, the startup enables the consumers to choose GIA-certified loose diamonds and select a ring setting. According to the company, this new model helps consumers enjoy a 300% reduction in diamond prices compared with those at luxury retail outlets.
Luxiee plans to utilize the seed capital for marketing, branding, PR, media placement and augment its HR talent.