Lightly Technologies successfully raised £250,000

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Successfully funded

Capital at risk

overfunded

Lightly Technologies

191%

Raised: £477,540

Investors: 647

Target: £250,000

Equity: 23.55%

Pre-money valuation: £1,550,000

Lightly Technologies has developed a patent-pending, ultra-thin LED light bulb, enabling a new generation of lighting fixture design and lighting in architecture. With a growing customer base across Europe, our technology is used to create exceptional experiences with light.

Founders previously worked at Apple Inc and Philips Lighting
High-volume B2B customers already in 8 countries across Europe
Engineering design is finalised with 2 patents pending
The Company is incorporated in Ireland and is based in Dublin

The company had £150,000 of its SEIS allowance remaining at the start of this raise. This will be allocated to investors on a first come first served basis. Any investments made after that limit has been exceeded will not be SEIS eligible but will potentially be eligible for EIS. The potential tax relief of any investment will be confirmed by email to investors, after they have submitted their applications to invest, and will depend on an investor's individual circumstances. Lightly intend to apply to Enterprise Ireland for further equity funding to match this round (matched funding) once this round is closed, though this is not guaranteed to be granted.

Idea

Ultra-thin LED light bulb, Hikari SQ

Modern luminaire designs using Hikari SQ, at London Design Festival 2017

Hikari SQ is a tactile surface of light - used by designers to create unique lighting fixtures and architectural installations

The Hikari SQ developer kit enables luminaire manufacturers to quickly create prototype designs

Office pendant lighting fixtures appear to float mid-air

Ultra-thin desk lamp, using Hikari SQ

Lightweight and ultra-thin, Hikari SQ produces a low glare surface of light

A cluster of modern, geometric lighting fixtures for the home

Lightly Technologies has developed an ultra-thin LED light bulb, enabling a new generation of lighting fixture design and lighting in architecture. The light bulb, Hikari SQ, is essentially a light-emitting tile, only 3mm thick that produces a surface of quality light for functional and decorative designs. Using LED technology, Hikari SQ creates a beam of bright but low glare light, and is designed to be highly energy efficient with a lifetime of over 20 years.

Problem

Since 2012, the global lighting industry has invested almost $500m into R&D for OLED lighting, the first ultra-thin, surface light source. Despite this investment and widespread interest from the market, OLED lighting never became commercially viable due to high manufacturing costs and poor performance.

By fundamentally rethinking the approach to engineering this form of light source, Lightly Technologies have solved the issues associated with OLED lighting. Lightly will capitalise on the existing market interest for ultra-thin light sources and enable value creation for B2B customers, through the design of unique, modern lighting fixtures.

Traction

Having finalised the engineering design and now preparing for mass production, Lightly Technologies have started shipping paid developer kits to B2B customers across Europe who are starting to develop products using Hikari SQ.

The company has directors loans of €6k.

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