One of Turkey’s most important advanced material technology players has secured a 12.5 million euro (around $12.8 million) investment in a funding round led by Esas Private Equity.

Appsilon produces diamonds in a laboratory environment and looks to direct the latest capital to accelerate its research and development (R&D) processes and boost its production capacity. It said it sought to expand its global presence in the field.

Appsilon founding partner and CTO Taylan Erol stressed they were excited to be an enterprise developing diamond technologies and to be able to commercialize the deep technologies they have developed simultaneously at a time of a technological transformation of the diamond market.

“We aim to achieve an important and strategic position in the global materials field together with our partnership with Esas,” Erol said.

“We are developing joint projects with the most important universities and institutions in the world with our team of 30 people in our offices in Delft, the Netherlands and Istanbul. We have become one of the important diamond suppliers in many fields such as quantum technologies, space exploration, biotechnology and jewelry,” he noted.

“We want to strengthen both our technologies and our market position by expanding our team in the coming period.”

For its part, Esas Private Equity said the company was “proud to support Turkish engineers who have demonstrated outstanding success in the field of advanced materials and Appsilon, one of the world’s leading diamond manufacturers producing in a laboratory environment, within the framework of our goal of investing in technology-based initiatives in our country.”

During the partnership process, Moroğlu Arseven Law Partnership and Dutch law firm CORP were the consultants of Appsilon, while BTS Law Partnership, Bird & Bird international law firm and PricewaterhouseCoopers (PwC) were the consultants of Esas Private Equity.