Smart home firm completes £6m fundraising

Birmingham-based smart home solutions firm, LightwaveRF has applied to have new shares admitted for trading on the Alternative Investment Market (AIM).

The move is the final phase of a £6m fundraising by the group as it looks to support its continued growth.

The business, which competes with the likes of Hive and Nest, has so far raised £2m through a firm placing and has conditionally raised a further £3m from new and existing shareholders.

It is now seeking shareholder approval for an open offer to raise an additional £1m.

It has applied to have 1,802,168 deferred settlement shares admitted to trading on AIM. Trading is expected to begin on Friday (November 17).

Following admission, the company will have 51,376,532 ordinary shares in issue.

The new funds will support further product development and bolster sales and marketing activity as the company looks to strengthen its position as a leading player in the Smart Home market.

Shares in the company reached a two-year high in September on the back of a key deal with Deta, which promised revenues of £2m in its first year.