Technology firm’s fundraising plans fall short

Internet of things company LightwaveRF has failed to turn up the heat in interest in its open offer, closing the books with 75% left unsold.

The Birmingham-based company, which is battling against industry leaders Hive and Nest in the smart home sector, had already secured £2m through a firm placing and a further £3m in a conditional offer to shareholders.

However plans to raise an additional £1m in an open offer fell well short, raising just £250,000.

The open offer will go before shareholders tomorrow for approval.

The net proceeds will be used to fund product development, sales and marketing of LightwaveRF’s second-generation devices and for working capital purposes.

The business is listed on the Alternative Investment Market and in September its share price hit a two-year high on the back of a key deal with Deta, which promised revenues of £2m in its first year.