7th Jul 2014 08:20
LONDON (Alliance News) - LightwaveRF PLC said Monday it has raised GBP401,000 through a placing of 1.1 million shares at 35 pence each, funds it will use to accelerate the development of its products to market.
Shares in LightwaveRF were trading down 3.1% at 33.42 pence Monday.
The maker of home automation systems said it had seen "significant progress" during the first half as technology trends such as the internet-of-things and the connected-home picked up steam.
The company said over the last six months it has moved design and development work from a partnership supplier to its own team in the UK.
It will use funding to accelerate the development of products, to recruit software and hardware design resources, capture intellectual property, and improve speed to market.
Going forward it will complete all of its design work in the UK, which it said will allow it to source its product supply more broadly.
"The connected-home market place is starting to develop rapidly, and we want to ensure that we accelerate our product development and take the platform we have created to the next level. This funding allows us to add the right resources at what we believe is a very exciting time for the business," said Chairman and Chief Executive Mike Lord in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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