Smart home tech firm raises £6m
Smart home technology company LightwaveRF has announced a £6 million fundraise as it prepares to scale up the business.
The AIM-listed Birmingham firm describes itself as a pioneer of the smart home tech sector and developed the first internet-enabled devices in 2008.
The company's Internet of Things (IoT) platform, together with its applications and connected devices, provides customers with integrated remote control and monitoring of light, heat, power and security.
Lightwave RF has raised a total of £6m through two separate share placings and a conditional open offer, which is subject to shareholder approval.
“I am delighted with the level of interest that we have received for the fundraise, which is a great endorsement of our business plans and ambition,” said chief executive Andrew Pearson.
“The new funds will support further product development and bolster our sales and marketing activity, as we continue to scale up the business and strengthen our position as a leading player in the smart home market.”
LightwaveRF operates from premises at Birmingham Science Park.