AIM listed smart home technology firm LightwaveRF has raised £1.44m through a share issuance conducted with WH Ireland and Committed Capital.
With its offices based at the Innovation Birmingham Campus, LightwaveRF produces internet of things related products which enable households and businesses to remotely operate and control lighting, power, heating and security using smartphones, tablets, PC and MAC apps.
The funds raised will be used mainly to accelerate market awareness, product sales and further related technology development. This will focus on the domestic consumer and the commercial building solutions market.
Mike Lord currently chairman and CEO will take up a full time role of CEO in the business following this successful fundraising. As a result of this change Barry Gamble, currently a non-executive director, will take up the role of non-executive chairman.
Mike Lord said: “We now have a broad range of proven products, giving us a unique position in the Connected Home market. We will continue to invest in product development but now is the time to push more aggressively on sales and marketing to drive growth.”
Steven Harris, CEO of Committed Capital who was instrumental in the fundraising, added: “The Connected Home market is an exciting area right now and we believe LightwaveRF, with its unique range of products, will create significant value for our investors.”
Committed Capital specialises in investing in and providing corporate finance advice to fast growing companies. The typical investment in promising businesses is from £1m to £5m and has advised companies on a range of transactions up to £25m.