pureLiFi announced the completion of their Series B Financing Round led by Temasek. This Series B round of £7 Million will support the development and commercialization of their proprietary cutting-edge LiFi technology that uses modulated LED light to provide wireless communication, with the potential to be significantly faster than current WiFi technology.
LiFi uses the visible light spectrum instead of radio frequencies to deliver high-speed wireless data communication and Internet access. They have worked with industry leaders such as Cisco and Lucibel to provide LiFi networks that offer substantially greater security, safety and data densities than WiFi, ultimately enhancing the mobile experience for the user.
Since their last raise in December 2014, they have completed the development and production of their LiFi-X product, the world’s first mobile LiFi dongle, which represents a key step towards mass-market adoption. This has enabled the company to secure the Series B funding and support their ambitions of ubiquitous LiFi infrastructure and device integration.
With the support of existing investors, they have now raised over US$10 million till date, with the most recent funding led by Temasek, an investment company based in Singapore, demonstrating pureLiFi’s recognition as an emerging leader on the global stage.
The company 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 (LSIP) will be a great asset to the business going forward.”
Professor Russel Griggs OBE, 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 Mike Hickey coming in as Chairman, they have also brought on Alistair Banham as CEO, both of whom have substantial experience in the semiconductor industry.
