Young Dublin tech start-up LirOptic has achieved a breakthrough in optical lens technology.
UCD spin-out company LirOptic has been named as one of only 10 start-ups from around the world to be selected to participate in the prestigious Luminate NY accelerator.
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), enhancing capabilities like optical zoom.
“This programme is a catalyst for collaboration, learning, and scaling, and it will undoubtedly accelerate our journey toward excellence”
This tech not only improves high-quality imaging in smartphones, but also frees up valuable space within smartphone devices due to the reduced size of the CCMs.
The business recently raised €3m to scale its operations on the back of its breakthrough in optical lens technology.
Picture perfect
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).
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 $2m in follow-on funding upon completion of the accelerator programme. The programme will begin in April and conclude in October.
Breakthrough Irish technology
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.
“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,” said Simon Forsyth, CEO of LirOptic.
“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.”
Light up, light up
Since its inception, Luminate has invested $21m in 73 start-ups and the companies in the portfolio have raised an additional $343.5m and now share an estimated net worth of $700m.
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 Revitalisation Initiative, the region’s comprehensive strategy to revitalize communities and foster economic growth.
“Congratulations to the 10 forward-thinking companies selected to take part in Luminate NY’s eighth cohort,” said Empire State Development CEO Hope Knight. “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 nine other selected start-ups are from France, Germany, India, South Korea, UK and the US.
“I’m excited to congratulate the 10 new innovators taking part in the eighth round of the Luminate NY accelerator programme,” said NY State Senator Jeremy Cooney.
“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.”
Main image at top: Simon Forsyth, CEO and co-founder, LirOptic
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