Empire State Development (ESD) today announced the 10 companies
selected to take part in round seven of the Luminate NY accelerator
program, investment fund, and competition. A total of 137
applications from 25 different countries were received for
consideration to participate in the world’s largest accelerator for
startups working on industry-first solutions that are enabled by
optics, photonics, and imaging (OPI). The companies 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 program. The cohort will begin on
April 8, 2024, and conclude in late September.
Empire State Development President, CEO,
and Commissioner, Hope Knight said, “Congratulations to
the latest entrepreneurial companies selected to take part in
Luminate NY’s seventh cohort. The cutting-edge ideas from these
optics, photonics and imaging startups will help to drive
innovation and opportunities in the Finger Lakes Region, renowned
globally as an OPI industry leader, and throughout New York
State.”
The six-month program 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 program, 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.
Cohort seven is solving challenges within a
number of industries, including, but not limited to:
augmented/virtual reality, communications, life sciences, material
science, and quantum.
The 10 selected startups
include:
- AI Optics, Inc.—Handheld imaging
technology that integrates Artificial Intelligence (AI) to provide
a new standard of care for disease screening, starting with
preventing vision loss
- CureVision—Automatic, rapid 3D
wound measurement, analysis, and reporting for hospitals, nursing
homes, and ambulatory and home care
- Enlipsium—Advanced nanomaterials
for future X-ray imaging devices, anti-counterfeiting, and
self-cleaning coatings.
- iLoF (Intelligent Lab on
Fiber)—Non-invasive tracking, screening, and stratification for
drug discovery using a cloud-based library of optical fingerprints,
powered by photonics and AI
- Nicslab, Inc.—Fabless chip company
developing electronics and photonics integrated circuits for future
optical solutions in data centers, AI, instrumentation, and quantum
computing
- Photosynthetic—New manufacturing
method enabling complex 3D geometries to be produced at
mass-production speeds, while retaining sub-micron feature
sizes
- Q-Block Computing—Fault-tolerant
quantum devices for advanced computation, communication, and
sensing
- SaferStreet Solutions— Traffic
safety devices that target unsafe driving behavior and collect data
to help communities reduce speeding, distracted driving, car
crashes, and lack of seat belt usage
- SeeTrue Technologies—Advanced eye
tracking technology featuring a robust sensing solution for use in
health care, augmented and virtual reality, and industry
applications
- VoxelSensors—Groundbreaking
Single-Photon Active Event Sensor that enables power-efficient and
intuitive interaction for spatial interfaces and mobile extended
reality (XR)
Luminate NY Managing Director Sujatha
Ramanujan said, “Each company in cohort seven is bringing
new capabilities to industry to change the way we solve pressing
challenges, as well as new opportunities for the universities,
supply chain partners, manufacturers, and investors here that are
eager to collaborate in helping them advance their businesses and
technologies.”
Since its inception, Luminate has invested $18
million in 63 startups. The companies in the portfolio have raised
an additional $260.1 million and now share an estimated net worth
of $675 million. Many of the companies are establishing U.S.
operations or some aspect of research and manufacturing in the
Rochester region—which continues to be the epicenter of the OPI
industry in North America. This has resulted in the creation of 173
jobs in the region.
State Senator Jeremy Cooney
said, “I’m excited to congratulate the 10 new innovators
taking part in the seventh round of the Luminate NY accelerator
program. 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.”
Assembly Member Harry Bronson
said, “Congratulations to the companies selected for the
seventh Luminate NY cohort. These entrepreneurs are bringing
ingenuity and creativity to the optics, photonics, and imaging
industries that will expand opportunity for the entire Finger Lakes
Region. I applaud Luminate NY for continuing to promote an
important pathway for workforce and economic development by
supporting and nurturing startup companies.”
Monroe County Executive Adam Bello
said, “Congratulations to the 10 startups selected for
this round of Luminate NY. This initiative and these companies will
continue to fuel job and economic growth for our region and advance
Monroe County as a leader in next-gen optics, photonics, and
imaging. Thank you to Empire State Development, Finger Lakes
Forward, and Gov. Kathy Hochul for your continuing commitment to
support and invest in the innovative OPI industries that fuel our
future economy.”
City of Rochester Mayor Malik D. Evans
said, “I want to congratulate all the seventh-round
finalists in the Luminate NY accelerator competition and wish them
good luck in this next, exciting phase of their development as
Rochester job creators. These companies are already winners in this
unique program to support and encourage innovation in optics,
photonics, and imaging around the world. I remain grateful to
Governor Hochul and Empire State Development for bringing these
21st century innovators to Rochester through Finger Lakes Forward
and helping us achieve our goal of creating a safe, equitable and
prosperous Rochester by inspiring hope and delivering opportunity
for everyone.”
Finger Lakes Regional Economic
Development Council Co-Chairs, Greater Rochester Chamber of
Commerce President and CEO Bob Duffy and SUNY Geneseo President
Denise Battles said, “We would like to offer our sincere
congratulations to the latest innovative teams selected to take
part in the seventh round of the groundbreaking Luminate NY
accelerator program. These forward-thinking entrepreneurs are
helping to further bolster the optics, photonics, and imaging
industry that our region is renowned for worldwide. We can’t wait
to learn all about their next-generation ideas.”
For additional information about the Luminate NY
accelerator including how to apply, click here.
Accelerating Finger Lakes
Forward Today’s announcement complements “Finger
Lakes Forward,” the region’s comprehensive strategy to generate
robust economic growth and community development. The regionally
designed plan focuses on investing in key industries including
photonics, agriculture and food production, and advanced
manufacturing. More information is available here.
About Empire State
DevelopmentEmpire State Development (ESD) is New York’s
chief economic development agency (www.esd.ny.gov). The mission of
ESD is to promote a vigorous and growing economy, encourage the
creation of new job and economic opportunities, increase revenues
to the State and its municipalities, and achieve stable and
diversified local economies. Through the use of loans, grants, tax
credits and other forms of financial assistance, ESD strives to
enhance private business investment and growth to spur job creation
and support prosperous communities across New York State. ESD is
also the primary administrative agency overseeing the Regional
Economic Development Councils and the marketing of ““I LOVE NY",
the State’s iconic tourism brand. For more information on Regional
Councils and Empire State Development, visit
www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact: Shari Voorhees-Vincent
| Shari.Voorhees-Vincent@esd.ny.gov | (585) 399-7055 Press Office |
pressoffice@esd.ny.gov | (800) 260-7313 Shannon Wojcik |
shannon@rkgcomms.com | 585-831-6267