Voskhod, a Russian venture capital fund, has paid 1 billion rubles—approximately $12.2 million—to purchase 40.7% of New Diamond Technology (NDT), the St. Petersburg–based producer of lab-grown diamonds.
NDT made a name for itself early on with impressive technological advancements that allowed it to create some of the largest lab-grown gems on the market, using HPHT (high pressure, high temperature).
While it still makes gems for jewelry, NDT has, like many lab-grown companies, pivoted to tech. It’s currently focused on producing diamond plates that can be used for next-generation semiconductors, according to a statement from Voskhod. The new funding will be used for research, development, and boosting sales in the microelectronic and quantum components markets, the venture fund added.
NDT was founded in 2014 by Nikolay Khikhinashvili, who eventually transferred his shares in NDT to his brother Teimuraz. As a result of the Voskhod deal, Teimuraz Khikhinashvili owns 59.3% of the company. Its CEO remains Roman Kolyadin.
(Photo courtesy of Voskhod Fund)
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