LirOptic, a University College Dublin (UCD) spin-out company, is one of only 10 start-ups from around the world, and the only one from Ireland, to have been selected to participate in round eight of the Luminate NY accelerator programme, investment fund, and competition, in Rochester, New York.
A total of 197 applications from 38 different countries were received for consideration to participate in the world’s largest accelerator for start-ups working on industry-first solutions that are enabled by optics, photonics, and imaging (OPI).
LirOptic’s pioneering optical lens technology, which operates without mechanically moving parts, reduces the size, and significantly improves the performance of Compact Camera Modules (CCMs), which are for example used in smartphones, by enhancing functionality features such as optical zoom, variable focal lengths, superior image correction, and reduced module stack size.
This technology not only improves smartphone cameras, allowing for higher-quality imaging, better zoom capabilities, and enhanced low-light performance, but also frees up valuable space within smartphones by reducing the size of CCMs. This extra space enables manufacturers to integrate larger batteries, improved sensors, and additional cutting-edge functionalities, leading to smarter, more powerful devices.
The 10 finalists, announced by Empire State Development (ESD), were selected after pitching their innovative ideas and being scored by an advisory panel comprised of industry experts. Each finalist will receive an initial investment of $100,000 and will have the chance to compete for up to $2 million in follow-on funding upon completion of the accelerator programme. The programme will begin in April and conclude in October.
The LirOptic technology was originally developed by Professor Dominic Zerulla following ground- breaking research carried out by him and his team, over many years at the UCD School of Physics.
The company was subsequently co-founded by Professor Zerulla, with Simon Forsyth, an experienced director in high-tech engineering and medical device industries, and serial optical entrepreneur Joe O'Keeffe, to commercialise the technology, with the support of NovaUCD, where the company is now headquartered.
Simon Forsyth, CEO and co-founder, LirOptic, said,“ Joining this programme is an invaluable opportunity for LirOptic as it allows us tap into the thriving global optics ecosystem, that is centred in Rochester NY. The programme will afford us unprecedented access to industry leaders, mentors, and potential investors, providing us with new insights, tools, and resources, essential as we work to scale the business.
Such engagement with top-tier mentors and potential investors is invaluable, while our participation will also help us attract talented employees who share our vision. In short, this programme is a catalyst for collaboration, learning, and scaling, and it will undoubtedly accelerate our journey toward excellence.”
LirOptic is currently raising a €3 million seed funding round to grow and scale its operations. The company also an ESA BIC Ireland client has previously secured funding from Enterprise Ireland through the Pre-Seed Start Fund (PSSF).
Empire State Development President, CEO and Commissioner Hope Knight said, “Congratulations to the 10 forward-thinking companies selected to take part in Luminate NY’s eighth cohort. The cutting-edge ideas from these optics, photonics and imaging startups will help to drive innovation and create solid opportunities in the Finger Lakes region and throughout New York State.”
The seven-month programme is designed to help founders improve their investor readiness and connect them with the vast OPI resources throughout the Finger Lakes Region that can help them speed the commercialization of their technologies. Funding for the programme, which is administered by NextCorps, is provided through the Finger Lakes Forward Upstate Revitalization Initiative, the region’s comprehensive strategy to revitalize communities and foster economic growth.
Luminate NY Managing Director Sujatha Ramanujan said, “The calibre of companies joining Luminate matches the quality and innovative thinking of the supply chain partners, manufacturers, and investors that are located here and eager to help them speed the development of their technologies and strength of their businesses.”
Since its inception, Luminate has invested $21 million in 73 start-ups and the companies in the portfolio have raised an additional $343.5 million and now share an estimated net worth of $700 million.
NY State Senator Jeremy Cooney said: “I’m excited to congratulate the 10 new innovators taking part in the eighth round of the Luminate NY accelerator programme. As a city with a deep legacy of leading the way on new and developing technologies, it’s only right that we continue to invest in companies on the cutting-edge of optics, photonics, and imaging innovations. Thank you to Nextcorps for hosting this program in the heart of downtown, and to Empire State Development and Finger Lakes Forward for their continued support of developers in Rochester and across New York.”
The nine other selected start-ups (profiled below) are from France, Germany, India, South Korea, UK and the US.
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