Fund manager Acorn Capital has popped up as a substantial shareholder in Traffic Technologies , the maker of LED traffic lights, which on Tuesday tapped the market to the tune of $7 million.

The equity raise takes Traffic Technologies’ market capitalisation to about $22 million. The Con Liosatos-led company, which had a torrid couple of years following the global financial crisis and now focuses on the replacement of conventional street lights with low power/high reliability LED models and pedestrian countdown timers, is now better positioned to pursue growth opportunities.