St. Cloud-based LVX Minnesota has secured $1.5m in debt through a funding round that commenced a year ago and involved up to 18 different investors.
As one of 51 subsidiaries under the umbrella of parent company LVX System, the arm provides sales, installation and maintenance services for its own line of wirelessly networked ‘hot spots’ generated via solid state LED’s embedded in overhead lighting.
Through the patented technology, the LEDs transmit coded messages back and forth with underlying modems; first gen is close range and limited speed, clocking 3 Mbps according to some reports.
The venture made a splash this past winter when the little-known upstart launched with the City of St. Cloud while announcing plans for Nationwide expansion. Invented by CEO John Pederson, LVX is an intriguing technology that promises to reduce energy consumption and open doors for a new generation of secure wireless communications in early markets like government, healthcare and education.