Latour Industries' investment in LumenRadio enables the next growth journey in IoT
Latour Industries AB has signed an agreement to acquire 24.7 percent of the shares in LumenRadio AB through a directed share issue and acquisition of existing shares. Other large shareholders in the company are Chalmers Innovation Seed Fund and Almi Invest.
LumenRadio develops, manufactures and sells equipment for wireless radio communication. The products are based on multiple patents, where the basic idea is to enable reliable communication without interference in a world where the available frequency space becomes more and more limited. LumenRadio’s technology is based on “Cognitive Coexistence” where the units scan the frequency spectrum continuously to locate and use free channels. The company has 10 employees and annual revenue of SEK 20 million in 2015.
”I am very pleased that Latour Industries will become a partner in LumenRadio. Latour’s long-term investment perspective is very important for the future development of the group and we see many exciting possibilities for collaboration with the other companies in Latour’s portfolio”, says Alexander Hellström, CEO of LumenRadio.
“LumenRadio’s technology is world leading and well established in the lighting industry, and we are strongly positive regarding the growth potential in other interesting and growing application areas where the need for reliable wireless communication is large”, says Björn Lenander, CEO of Latour Industries.
”Through this new funding, we can now accelerate our growth journey. This means that we can get our technology into new geographic markets and other industries much quicker than before. We will now build up an extensive international sales and marketing organisation. Furthermore, we will increase our investment in research and development, and in our ambitions to become a global leader within reliable wireless connectivity for the most business critical applications”, says Alexander Hellstrom, CEO of LumenRadio.
For further information, please contact:
- Alexander Hellström, CEO LumenRadio AB, +46 70 377 24 15
- Björn Lenander, CEO Latour Industries AB, +46 70 819 47 36
LumenRadio is a global partner in wireless connectivity. We have been leading the wireless transformation within the lighting industry and are now also enabling connectivity for the Internet of Things (IoT) and M2M. Our patented technologies provide unprecedented reliability for the most business critical applications. We guide our customers through the process of creating smart and connected products, making them winners in the digital age.
Latour Industries AB is a wholly owned business area in Investment AB Latour (publ) consisting of a number of operating areas where the common denominator is proprietary products with high technology content and major potential for growth. The company has eight wholly owned subsidiaries with total revenue of SEK 1.3 billion in 2015.