This investment fund and competition, based in Rochester, New York, is the world's largest accelerator for start-ups innovating in optics, photonics, and imaging (OPI).
Global Recognition in Optics Innovation
A total of 197 applications from 38 countries were submitted for consideration. LirOptic’s pioneering optical lens technology, which eliminates mechanical moving parts, enhances the performance of Compact Camera Modules (CCMs) in devices like smartphones. This advancement improves optical zoom, variable focal lengths, superior image correction, and reduces module stack size.
Transforming Smartphone Camera Technology
LirOptic's breakthrough technology not only enhances imaging quality, zoom capabilities, and low-light performance but also frees up valuable space in smartphones. This allows manufacturers to integrate larger batteries, better sensors, and additional cutting-edge functionalities, creating smarter and more powerful devices.
Investment and Growth Opportunities
The 10 finalists, announced by Empire State Development (ESD), were selected based on pitches assessed by an advisory panel of industry experts. Each finalist receives an initial $100,000 investment and can compete for up to $2 million in follow-on funding upon programme completion. The programme runs from April to October.
Pioneering Research at UCD
LirOptic’s technology originates from groundbreaking research led by Professor Dominic Zerulla and his team at the UCD School of Physics. The company was co-founded by Professor Zerulla, Simon Forsyth, and serial optical entrepreneur Joe O'Keeffe to commercialize the innovation. LirOptic is currently headquartered at NovaUCD.
Industry Insights and Future Growth
Simon Forsyth, CEO and co-founder of LirOptic, stated, “Joining this programme is an invaluable opportunity, giving us access to the global optics ecosystem in Rochester, NY. It connects us with industry leaders, mentors, and investors, providing crucial insights and resources to scale our business.”
Securing Future Investment
LirOptic is currently raising a €3 million seed funding round to accelerate its growth. The company, a client of ESA BIC Ireland, has also received funding from Enterprise Ireland through the Pre-Seed Start Fund (PSSF).
Support from Industry Leaders
Empire State Development CEO Hope Knight
“Congratulations to the 10 forward-thinking companies selected for Luminate NY’s eighth cohort. Their innovations will drive technological advancements and economic growth in the Finger Lakes region and across New York State.”
Luminate NY Managing Director Sujatha Ramanujan
“The calibre of companies joining Luminate reflects the strength of our supply chain partners, manufacturers, and investors, all eager to support the development of these groundbreaking technologies.”
NY State Senator Jeremy Cooney
“I’m excited to see these 10 innovators join Luminate NY. Rochester’s rich history of technological leadership makes it the perfect place to support cutting-edge developments in optics, photonics, and imaging.”
Luminate NY’s Track Record of Success
Since its inception, Luminate NY has invested $21 million in 73 start-ups. These companies have raised an additional $343.5 million and now share an estimated net worth of $700 million.
The seven-month accelerator programme, administered by NextCorps, enhances start-ups’ investor readiness and connects them with extensive OPI resources in the Finger Lakes Region. Funding for the programme comes through the Finger Lakes Forward Upstate Revitalization Initiative, which aims to boost economic growth and innovation.
Other Selected Start-Ups
The nine other finalists come from France, Germany, India, South Korea, the UK, and the US, highlighting the programme’s global impact.
