ADT announces first Series A close

Aug. 4, 2004 — Advanced Diamond Technologies Inc. (ADT), a Champaign, Ill.-developer of nanocrystalline diamond, announced the first close of its Series A financing. The round is led by LaSalle Investments. An amount was not disclosed.

ADT licenses a portfolio of diamond synthesis and application patents from Argonne National Laboratory, according to a news release. It is currently evaluating its materials for use as a protective coating in frication and wear applications, in MEMS use and as a hermetic coating for biomedical implants.

ADT was recently awarded a $100,000 Phase I SBIR grant by the National Science Foundation to evaluate diamond coatings on mechanical pump seals.

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