UCD spin-out LirOptic has been selected to participate in round eight of the Luminate NY accelerator programme, investment fund and competition.

LirOptic is one of 10 start-ups, and the only one from Ireland, to be picked for the next cycle Luminate NY, which takes place in Rochester, New York.

A total of 197 applications from 38 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).

LirOptics has developed pioneering optical lens technology that operates without mechanically moving parts, reduces the sizes and significantly improves the performance of compact camera modules (CCMs), which are used in smartphones.

The technology does so by enhancing functionality features such as optical zoom, variable focal lengths, superior image correction, and reduced module stack size.

The technology improves smartphone cameras, allows for higher-quality imaging, better zoom capabilities and enhances low-light performances, but also frees up space by reducing the size of CCMs.

The 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 $2m in follow-on funding upon completion of the accelerator programme.

The programme, which will begin in April and conclude in October, is designed to help founders improve their investor readiness and connect them with the vast OPI resources that can accelerate commercialisation.

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 NovaUCD-based 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.

"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 Forsyth.

"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 €3m seed round to scale its operations. The company is an ESA BIC Ireland client and has previously secured funding from Enterprise Ireland through the Pre-Seed Start Fund (PSSF).

Funding for Luminate NY, which is administered by NextCorps, is provided through the Finger Lakes Forward Upstate Revitalization Initiative, the region’s comprehensive strategy to revitalise communities and foster economic growth.

“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," said Sujatha Ramanujan, managing director of Luminate NY.

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 nine other selected start-ups are from France, Germany, India, South Korea, UK and the US.

Photo: Simon Forsyth, of LirOptic in Nova UCD. (Pic: Supplied)