Boxlight Corporation, which provides technology solutions for the education market, has received a $4 million investment from The Lind Partners to boost its product offering.
The company says it will use the money to continue to grow, work toward a positive cash flow, launch new products and increase inventory in the US and Europe.
The investment comes in the form of a convertible note from Lind Global Macro Fund, an investment fund managed by New York fund manager The Lind Partners.
This is Lind’s first investment in education technology – is usually focuses on small to mid-cap publicly traded companies in English-speaking countries that work in technology, mining and gas, according to its website.
Boxlight’s chief executive Mark Elliot said: “This investment will improve our net current asset position, allow us to increase our inventory levels in the US and Europe, and provide the capital needed to complete the market launch of several new products, including our MyBot coding and robotics solution.”
Boxlight is a publicly-traded company that offers interactive displays and hardware for education markets. The company will pay interest on the investment, which should equal 18 monthly instalments of about $244,000 six months after the deal closes.
Phillip Valliere, managing director at The Lind Partners said: “Boxlight has demonstrated a track record of significant revenue growth and product innovation. The company’s ability to win large, competitive contracts, including Clayton County, Georgia and Beaufort County, South Carolina, is further evidence that Boxlight has the potential to become a leader in education technology for the K12 market.”