Fundraising oversubscribed for Internet of Things company
THE internet of things company LightwaveRF will have raised £1.28m after its open offer was extended.
The Birmingham-based company has been on a fundraising drive, having announced last month it had raised £1m in a share placing and planned to double that amount through the open offer.
The offer, which closed yesterday, was over-subscribed and the company has said it intends to “satisfy all of the excess applications in full”, subject to approval at its general meeting.
The excess applications will contribute a further £208,000, before expenses.
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.
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.
