Lightly Technologies Ltd, a Dublin startup focused on developing ultra-thin LED light modules, has appointed a liquidator 18 months after tapping taxpayers for €250,000 in funding.

The liquidation is voluntary and the company says it is solvent and that all debts will be paid in full.

Lightly Technologies was founded in 2016 by Matt Hanbury (pictured). He previously worked with Apple in Japan, helping to design and develop the LCD displays on the iPhone. Prior to that, Hanbury (32) worked as a design engineer with Philips Lighting.

The founder resigned his role as company director in April and he is currently residing in Singapore. Liquidator Eugene McLaughlin was appointed on July 17.

The venture was established to develop a light source using LED technology that has the appearance and form of the more advanced OLED lighting, but with less expense.

In Association with

Filed accounts for the year to April 2019 show equity invested of €908,000 and accumulated losses of €573,000. After booking a los of €416,000 in 2018/19, net current assets at the balance sheet date amounted to €318,000 and creditors were €13,000.

The venture sourced €542,000 investment from hundreds of small investors through the UK crowdsourcing platform Crowdcube in June and July 2018. Enterprise Ireland invested €250,000 in December 2018.

Hanbury's personal equity investment in the company was €77, according to filings.