<\/p>\n
Founder Harald Haas developed a revolutionary technology<\/p>\n
One of Scotland\u2019s most ambitious technology firms, pureLiFi, has collapsed into administration after failing to raise further development capital. All 42 staff have been made redundant.<\/p>\n
The 14-year-old firm devised an alternative wireless technology to WiFi and 5G by using light to transmit data.<\/p>\n
It was established in 2012 by\u00a0Professor Harald Haas\u00a0who remained a director of the business which had shifted into manufacturing products based on its own \u2018LiFi\u2019 technology and intellectual property.<\/p>\n
Since 2012 the business is understood to have raised more than \u00a335m in investment from more than a dozen investors, funds and banks.<\/p>\n
After failing to raise new funds, on Monday the directors appointed Kenny Craig and Kevin Mapstone of BTG as joint administrators.<\/p>\n
Thomas McKay, managing partner of BTG in Scotland and Northern Ireland said: \u201cThe firm had received significant investment from numerous sources over the years, and despite creating products and generating revenue with some groundbreaking proprietary wireless technology, the business simply ran out of money before it could cross into profitability.<\/p>\n
\u201cA strategic shift into manufacturing its own hardware, rather than licensing its globally patented technology to third-party manufacturers, was more costly than initially anticipated.<\/p>\n
\u201cBy the end of Q2 2026 the business had simply run out of cash flow and was seeking sources of additional investment needed to cover losses until the business crossed into profitability.<\/p>\n
\u201cWith no further investment forthcoming, the directors were left with no alternative than to appoint administrators to stop the company\u2019s debts rising, and sadly that has led to the immediate redundancy of all 42 employees at the business.\u00a0<\/p>\n
\u201cOur team is working closely with those affected to help them access the financial entitlements and support available to them, including assistance from Partnership Action for Continuing Employment (PACE) and the Redundancy Payments Service.<\/p>\n
\u201cIn addition to ensuring these employees receive the guidance and advice they need during this process, our priority is to identify any business assets and realise maximum value from their sale, especially the valuable intellectual property assets built up over the years of development, to the benefit of creditors.\u201d<\/p>\n
\t #jobs #lost #innovative #light #tech #firm #PureLiFi #fails #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
Founder Harald Haas developed a revolutionary technology One of Scotland\u2019s most ambitious technology firms, pureLiFi,…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[272,306,4585,1159,20612,12219,310,1225,538,20613,20614,317],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/15112"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15112"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/15112\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}