Chairman hired to replace Griggs
Light technology spin-out raises new funds
A funding round led by Temasek, the Singapore sovereign wealth fund takes the total now raised for the company in excess of $10m (£7.5m).
Mike Hickey, the former chief executive of Edinburgh audio chip developer Wolfson Microelectronics (now part of Cirrus Logic), has been appointed chairman of the four-year-old company.
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.
Marcus Noble of Quest said it was pleasing to see investors such as Temasek and London & Scottish Investment Partners backing the company.”
Prof 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.”
The company has also brought in Alistair Banham as chief executive, who shares Mr Hickey’s “substantial” experience in the semiconductor industry.