LightwaveRF raises £1.44m


AIM listed smart home technology firm LightwaveRF has raised £1.44m through a share issuance conducted with WH Ireland and Committed Capital.

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 fundraising 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.

Lord said: “We now have a broad range of proven products in the market 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 were 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.  They typically invest from £1m to £5m in promising businesses and have advised companies on a range of transactions up to £50m.