The money will be used for operating funds to further the Longmont-based company’s research and development. Lightwave (OTCQB: LWLG) is working to create organic polymer materials that would speed up the transfer of data in optical computing devices.
The company, which is pre-revenue, raised $40,000 more than the $3 million it sought for the funding round, according to documents filed with the Securities and Exchange Commission.
“We are extremely pleased to have successfully raised over our targeted $3 million that will fund our business plan through 2015,” Lightwave’s chairman and chief executive officer by investors is greatly appreciated by the entire company. These funds will be used for research and development, general corporate purposes and to further the commercialization effort for our advanced organic nonlinear electro-optical polymer technology platform.”
Lightwave, which moved its corporate headquarters from Delaware to Longmont earlier this year, has 15 employees at offices in Longmont, Delaware, Washington state and Connecticut. The company is in the process of building a cleanroom at its 1831 Lefthand Circle location where it can build prototype devices.