Monday 24 June 2019

Innovative light tech lands £600k of new funding

The creator of an innovative light technology has landed £600,000 of new funding to help bring its product to market.

Deciwatt says it has received new private investment of £450,000 to launch and market its NowLight offering and has also received a £174,000 grant from Innovate UK to develop and trial pay-as-you-go technology for the product.

The firm says it now plans to accelerate development activity and implement its marketing plans for NowLight - the technology allows users to create instant light and power by pulling a cord in the bottom of the unit.

It claims just one minute of pulling down on the cord generates up to two hours of light or 15 minutes of talk-time on a mobile phone.

It is designed to combat the global issue of access to electricity, help developing nations move straight to renewable sources of power and remove the dangers associated with using kerosene for lighting, including burns, smoke inhalation and fires.

Deciwatt notes a pay-as-you-go service would enable consumers to purchase the light in small installments via their mobile, making it accessible to those who otherwise would not be able to afford it.

Chris Skilton, CEO of Deciwatt, said: "This investment will propel us forward, allowing us to grow our business and ensuring our long-term success."