Remote control technology company LightwaveRF has raised £401,000 in capital after issuing new shares to speed up product development.
The company, based at Innovation Birmingham Campus, has placed 1.14 million new ordinary shares at 35 pence each which are expected to begin trading on AIM on July 9.
The company, formerly known as JSJS Designs, is a specialist in radio frequency technologies and has developed a platform which enables households and businesses to remotely operate and control applications such as lighting by using smartphones, tablets, PC and MAC applications.
It recently signed a distribution deal with Neonlite Electronic & Lighting (HK) to distribute its range of wireless lighting controls to more than 80 countries.
A statement issued to the stock exchange today said: "The company has achieved significant progress during the first half of the year with much improved sales and profitability.
"The business is continuing to develop its markets as evidenced by the recent announcement of a global distribution agreement with Neonlite.
"Historically, design and development work has been focused through our partnership supplier.
"However, over the past six months the company has shifted this work to its newly created design and development team based in the UK.
"The fundraising will be used to accelerate product development capability with the recruitment of software and hardware design resource to capture intellectual property and improve speed to market."
It added that all design work will be completed in the UK going forward.
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