pureLiFi Receives a £10 Million Investment From Scottish National Investment Bank
The Edinburgh based firm uses light to transmit data rather than conventional radio frequency systems such as WiFi and 5G. By harnessing the light spectrum LiFi is able to provide more reliable wireless communications with unparalleled security. The investment aligns with the Bank’s mission to invest in innovation and industries of the future, creating high value jobs in world class businesses.
pureLiFi CEO Alistair Banham said:
“The Bank’s investment will help us achieve our vision to connect everyone and everything with LiFi.
“We introduced our technology to the world from Scotland and it is important for us to grow our company and ecosystem from here.
“Our vision is for Scotland to be a recognised centre of excellence for LiFi. In the future customers from around the world will come to us for our innovative technology and leverage the wider photonics ecosystem that already exists here in Scotland.”
The Bank’s investment will enable pureLiFi to further develop new technologies while opening up additional markets in areas such as mobile phones, tablets, wearables and other connected devices.
LiFi is complementary to WiFi technology, offering transformationally improved performance. Additionally, when WiFi and LiFi work together the users across both technologies experience greatly improved connectivity, as LiFi also makes WiFi better.
The number of connected devices in the average home has more than doubled in the past two years. As more devices connect to struggling home WiFi networks, bandwidth is split, interference increases and response times slow for everyone.
LiFi solves the biggest challenges faced by current wireless communications technologies by decreasing congestion, improving security and quality of connection
Jimmy Williamson, Executive Director, at the Scottish National Investment Bank said:
“The Bank’s investment will support pureLiFi as they look to scale up their operation, allowing them to take the innovative technology to the global market.
“By backing them the Bank is also investing in highly skilled research and development jobs in Scotland and endorsing pureLiFi’s vision to create a centre of excellence of LiFi.
“We are excited to provide them with the growth capital that will help them reach the next stage in their development.”
The use of the light spectrum means that LiFi can provide more efficient connectivity with overall requirements compared to traditional methods.
About The Scottish National Investment Bank
The Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland.
The Bank is an impact investor, focused on delivering both commercial returns and mission impacts with its investments. The Bank is a PLC and operationally independent from government.
The Bank invests in businesses and projects connected to Scotland to deliver long term, patient debt or equity investment where the private market is failing to provide the support businesses and projects require to grow.
The Bank’s missions are:
- Supporting Scotland’s transition to net zero
- Building communities and promoting equality
- Harnessing innovation to enable our people to flourish
The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years. Over time as the Bank’s initial investments are repaid, the Bank will reinvest those funds in businesses and projects creating a perpetual investment fund to support the Scottish economy in the long term. The Bank was established in November 2020.