Bicester-based Hardide, which produces nano-structured tungsten-carbide coatings, has conditionally raised £2.7 million through a placing of new shares.

It will use the money to invest in capacity to meet future demand, including the creation of an additional coating reactor in the UK and a processing facility in North America.

Chief executive Philip Kirkham said: “We are delighted to have received such strong support from existing and new institutional shareholders.

“This fundraising will allow us to take advantage of the increasing demand for Hardide coatings in the UK, Europe and North America.”