AKHAN Semiconductor, a Chicago-area tech firm that makes lab-grown diamonds, just hauled in $20 million in new funding.
AKHAN develops synthetic, lab-grown diamonds not for the jewelry industry, but for electronics. The firm creates diamond display glass for consumer electronics, the automotive industry and other sectors. The company says its diamond glass is six times stronger and 10 times harder than traditional glass.
Investors in AKHAN's round include Zahid Group Holdings, Reza Investment Company GM Haydar Alireza and others.
The company also announced Thursday that it has hired Craig Mitchell as its new CEO. Mitchell was formerly the president of Invensas and general manager of the semiconductor IP business at Xperi.
Founded in 2013 and based in suburban Gurnee, Illinois, AKHAN debuted its first diamond smartphone screen in 2017. The company will use the new funding to expand its Gurnee facility and bring its commercial products to market.
AKHAN's technology has a range of potential uses, including with the Department of Defense. The firm partnered with Lockheed Martin in 2019 to show how diamond-coating technology could be used as a countermeasure to directed energy weapons. Its diamonds can also be used as a semiconductor material in electronics.
