pureLiFi, a company, founded, by professor Harald Haas of the University of Edinburgh, reports that it has completed its Series B Financing Round. Temasek, a Singapore-based investment firm led the round of financing. Total funding raised for the company is $10 million so far. Dr. Haas and his company pureLiFi have developed a method of transmitting large amounts of data using LED lights. The system encodes the data into small changes in light intensity that are invisible to the human eye. The company has devised a way of transmitting multiple streams simultaneously to reach speeds that surpass conventional WiFi and rival most broadband.
Harald Haas said, “I am absolutely delighted that this significant step for pureLiFi has been achieved towards unlocking the grand LiFi vision.”
pureLiFi has already begun work with network industry companies Cisco and Lucibel to provide LiFi networks. The company’s LiFi networks require line of site that cannot extend outside of a room. According to pureLiFi, this line-of-sight requirement translates to greater security and safety than WiFi. After its last round of funding in December 2014, the company developed and began producing its LiFi-X product, the first mobile LiFi dongle. (Ref: article), Haas demonstrated this product at a TED conference to an amazed audience. During his TED Talk, professor Haas explained how such a product and the lighting industry can be used to unlock the potential of the Internet of Things.
He said that the lighting industry will eventually switch to a service model in which it will provide lighting as a service.
Lighting as a Service Business Model
He noted part of this will be out of economic necessity because LED lights will last 20 years. So the industry will have to operate under a new business model to remain profitable. In this lighting as a service model, Haas envisions that LED lights will transmit data to an ever-increasing number of Internet-connected devices. He implied that lighting companies could charge a monthly subscription fee for such a service. In this way, their profits would not be limited to the one-time purchase of LED lighting.
According to pureLiFi, it LiFi-X product enabled it to secure the Series B funding, and the product also supports pureLiFi’s ultimate goal of creating ubiquitous LiFi infrastructure and device integration.
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.”
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.”
Since Harald Haas founded the company, Mike Hickey has come in to serve as Chairman. The company has also brought on Alistair Banham as CEO. Both Hickey and Banham have substantial experience in the semiconductor industry.