Growth capital investment business, Committed Capital has completed its investment into AIM-listed affordable smart home technology provider, LightwaveRF plc.
The total investment LightwaveRF plc was seeking was £1.5m, of which the Mayfair-based company has invested £1.1m.
LightwaveRF plc, which enables households and businesses to remotely operate and control lighting, power, heating and security using smartphones, tablets, PC and MAC applications, plans to use the investment to accelerate market awareness, product sales and technology development.
The Birmingham-headquartered company will join other fast growing, tech-focused, companies within Committed Capital’s client portfolio, including TradeRiver Finance, an online supply chain funding solution, and Cloudhouse, a provider of cloud computing software that allows old Windows applications to run on modern operating systems.
Steven Harris, CEO of Committed Capital, commented: "The Connected Home market is potentially the next big technology revolution and could dramatically change many aspects of our daily lives. With estimated global revenues of $125bn (£3bn in the UK) and adoption worldwide in around 160 million homes by 2017*, it also represents an exciting investment opportunity. We believe LightwaveRF, with its unique range of products, will create significant value for our investors, and provide an interesting addition to our already diverse client portfolio.“
Mike Lord currently Chairman and CEO will take up a full time role of CEO in the business following this successful investment. As a result of this change, Barry Gamble, currently Non-Executive Director will take up the role of Non-Executive Chairman.
Mike Lord, Chairman and CEO of LightwaveRF, commented: "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."