Future looks bright for PureLiFi after cash injection
Edinburgh technology spin-out PureLiFi has raised more than Â£7 million to date following its latest round of funding.
The fresh cash injection will support the development and commercialisation of its technology that uses light to provide wireless communications, with the potential to be significantly faster than current wifi systems.
With the support of existing investors, the company has now raised in excess of $10m (£7.5m), with the latest funding led by Temasek, the Singapore sovereign wealth fund.
Meanwhile, Mike Hickey – the former chief executive of Edinburgh audio chip developer Wolfson Microelectronics, which was bought by US group Cirrus Logic in 2014 – has been unveiled as PureLiFi’s new chairman.
The light communications specialist was formed in 2012 as a spin-off from the University of Edinburgh to create components, including LiFi drivers and receivers.
Commenting on the funding, PureLiFi co-founder Harald Haas said: “I am absolutely delighted that this significant step for PureLiFi has been achieved towards unlocking the grand LiFi vision”.
The firm was advised by Quest Corporate, the Edinburgh-based corporate finance advisory business, and Dickson Minto, during this fundraising process.
Marcus Noble of Quest said: “We are delighted to have supported the company’s fundraising efforts and are sure that the quality of such investors as Temasek and London & Scottish Investment Partners will be a great asset to the business going forward.”
Russel Griggs, the outgoing chairman of PureLiFi, said: “This funding, which exceeds what we set out to secure, gives the company the resources required to rapidly scale over the next few years.
“When I was asked to become chairman, my task was to build the initial base of the company and secure the funding to take it forward into the sectors we see as the future for the business.
“Having delivered all that successfully now, I am delighted that we have secured Mike Hickey to take over from me as chairman, whose international and sector experience will lead the company to even greater success.”
Along with Hickey coming in as chair, the company has brought on Alistair Banham as chief executive, both of whom have “substantial” experience in the semiconductor industry.
Since its last fundraising drive, the firm has completed the development and production of LiFi-X – described as the world’s first mobile LiFi dongle – which represents a key step towards mass-market adoption.