EDINBURGH, Scotland--(BUSINESS WIRE)--pureLiFi, the global leader in LiFi technologies, has announced the completion of its Series B Financing Round led by Temasek. The funding will support the development and commercialization of its proprietary cutting-edge LiFi technology that uses modulated LED light to provide wireless communications, with the potential to be significantly faster than current WiFi technology. Harald Haas, the founder of pureLiFi and the “father of LiFi”, said “I am absolutely delighted that this significant step for pureLiFi has been achieved towards unlocking the grand LiFi vision”.
LiFi uses the visible light spectrum instead of radio frequencies to deliver high-speed wireless data communication and Internet access. pureLiFi has 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 its last raise in December 2014, the company has completed the development and production of the 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 its ambitions of ubiquitous LiFi infrastructure and device integration.
With the support of existing investors, the company has 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. Harald Burchardt, the COO of pureLiFi and in charge of the company’s fundraising process, said “I am extremely proud that pureLiFi and our team have managed to deliver the technological and strategic basis for LiFi, and am truly excited about the strong partnership with Temasek and other strategic partners in our journey forward.”
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, the company has also brought on Alistair Banham as CEO, both of whom have substantial experience in the semiconductor industry.
Notes to Editors
pureLiFi is a light communications Technology Company formed in 2012 as a spin-off from the University of Edinburgh to create OEM components, including LiFi drivers and receivers.
pureLiFi has recorded year-on-year quarterly revenue increases of over 300 per cent against Q3 of 2013 and significantly grown its international customer base around the world with international partnerships in place with organisations such as Cisco, Rolls Royce and Lucibel.