The Development Bank played a crucial role in de-risking our investment for other funders. Their due diligence and institutional backing gave angels the confidence to invest alongside them.
Professor Neil Barron, LITELOK
The business
Founded by Professor Neil Barron, LITELOK is a high-security lock manufacturer based in Fforestfach, Swansea. The company designs and produces lightweight, high-performance bike and motorcycle locks using patented composite materials. With a strong focus on innovation and sustainability, LITELOK manufactures entirely in Wales and exports globally, including to the US market.
The challenge
LITELOK launched in 2015 with a successful Kickstarter campaign, selling 2,749 units across 57 countries and raising £232,000 in just one month. But early traction brought new challenges. When their original manufacturing partner ceased trading, LITELOK had to take production in-house. Scaling up required not only capital, but a long-term investment partner who understood the complexities of product development and manufacturing.
The solution
The Development Bank of Wales first invested in LITELOK in 2017, providing early-stage equity to support growth and establish manufacturing operations in Wales. As the business evolved, so did the financing. The Development Bank provided debt funding for automation equipment—without requiring personal guarantees—allowing LITELOK to invest in efficiency and scale.
The Development Bank also supported governance and strategic development, helping LITELOK professionalise its board and connect with Wales’ wider business ecosystem. These introductions led to valuable partnerships that supported further growth.
The impact
LITELOK has grown from a small team to a thriving business with 26–30 employees working from a solar-powered facility in Swansea. A major breakthrough came with the development of ‘Barronium’ - a patented composite material that resists angle grinder attacks.
In 2022, the launch of the Barronium-enhanced LITELOK X1 went viral, with a YouTube video attracting over 15 million views. The product gained international recognition and is rated best-in-class by many independent reviewers. LITELOK has recently been named in the Sunday Times Top 100 fastest-growing UK companies.
Business growth highlights:
- 26–30 jobs created in Swansea
- Revenue growth from £5.2M (2024) to a projected £7M (2025)
- 100% Welsh manufacturing with 25% of sales in the US
- Profitable operations focused on quality and efficiency
Innovation highlights:
- Seven patents granted, with more applications filed
- Barronium technology recognised as a game-changer in security
- Products consistently rated best-in-class
What the founder says
We’re proud to be a Welsh company manufacturing in Wales and selling globally. The Development Bank of Wales has been an important part of making that possible.
Their patient capital approach has been invaluable. They don’t pressure for quick exits, and they understand that building a manufacturing business with ongoing R&D takes time. What’s more, the Development Bank played a crucial role in de-risking our investment for other funders. Their due diligence and institutional backing gave angels the confidence to invest alongside them
It’s not just about the money. The governance, the discipline, the introductions to other businesses and entrepreneurs—that’s been really valuable.
Professor Neil Barron, LITELOK
Looking ahead
LITELOK’s ambitions extend beyond bike and motorcycle locks. The company is exploring broader applications for Barronium technology across multiple security sectors. With continued support from the Development Bank of Wales, LITELOK is well-positioned to grow its global footprint while contributing to the Welsh economy.
