Alexa, can you raise me £2m?
LIGHTWAVERF, the Internet of Things company which last week launched Amazon Alexa voice control for its products, has raised £1m through a share placing and plans to raise a further £1m.
The announcement follows a week that has seen its share price rise by 60% to last night’s close of 21p.
LightwaveRF enables users to remotely control and monitor light, heat, power and security through just one App using its extensive range of devices.
The funds will be used to further develop the sales and marketing activities of the business as well as accelerate new product development.
The share placing has been priced at 13p per share – a 7.1% discount on the 30-day average – and the second wave is being offered on the same terms.
LightwaveRF’s chief executive Mike Lord said: “The company is developing very quickly and now through just one app, LightwaveRF can either directly operate its comprehensive range of devices or be powerfully linked with other platforms. We are continuing to add other platforms to this functionality and are building our distribution capability.”
The Birmingham-based company has recently received an order of £240,000 from Megaman, its UK electrical wholesale partner, which also provided a boost to the company.
During the last year it has made considerable investment in its cloud platform allowing it to integrate with other systems including IFTTT and Google Nest. Through just one App, LightwaveRF can either directly operate its comprehensive range of devices or be enhanced by powerfully linking to other platforms.
