The Edinburgh University s­pin-off company pureLiFi, which is researching and ­commercialising the use of Li-Fi - a new technology that allows high-speed wireless internet connectivity using light rather than the radio waves used by WiFi - has raised £1.5 million in its latest round of investment.

Angel investors in the latest funding round were led by London & Scottish Investment Partners, a group supported by investors from London and Scotland, with additional funding coming from the Scottish Investment Bank and Old College Capital, Edinburgh University's venture investment arm.

The investment will be used to support the development and rollout of the company's products, as well as ­growing the company's marketing and sales function. Last October, the company launched and shipped the world's first LiFi network - Li-Flame - to industry customers worldwide.

PureLiFi's co-founder and chief science officer Harald Haas said: "LiFi is increasingly viewed as a transformative technology that can change the way we use the mobile internet as part of future 5G cellular networks and at the same time be an enabler of the emerging ­Internet of Things."

The Internet of Things refers to the interconnection of uniquely identifiable, embedded computing devices within the existing internet infrastructure. Current examples include "smart" thermostat systems and washing machines that utilise WiFi for remote monitoring.

A venture capital funding round is now under way and the company expects to make an announcement on additional funding during the second half of 2015.

PureLiFi was created in 2012, ­following investment from Scottish Enterprise, Edinburgh University, angel syndicates and Haas, and is now valued at £14m.

US analysts MarketsAndMarkets ­forecasts that the worldwide LiFi ­industry could be worth $9 billion by 2020.