LightwaveRF is building its war chest in its quest to battle Nest and Hive in the smart home market. The company which offers everything from smart lighting and power, to wireless heating control is in the final phase of a £6m fundraising campaign to support its continued growth.
The Birmingham-based manufacturer has applied to have new shares released for trading on the Alternative Investment Market (AIM), which has so far raised £2m from people who have signalled their intention to buy the new shares. Another £3m could also be raised if those currently interested in investing firm up their order.
While the investment will give LightwaveRF a much-needed cash boost, the company has asked its shareholders for approval for an offer to raise an additional £1m. The company has applied to have 1,802,168 deferred settlement shares admitted to trading on AIM, with trading expected to begin on November 17.
LightwaveRF bills itself as offering the UK’s most complete, stylish and affordable smart home solutions, but it’s faced intense competition from the larger manufacturers. Despite that, the company continues to see growth, which has allowed it to carve out a healthy portion of the DIY smart home market.
The new funding should support further product development and bolster sales. It will also allow the company to market its solutions more successfully.