101 applicants put in for third round of Luminate NY

Gino Fanelli//October 22, 2019//

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As the third cohort of the Luminate NY accelerator approaches, Empire State Development has reported 101 applicants from around the globe.

Luminate NY is the world’s largest optics accelerator originally supported for two years through $10 million in state funding, and now an additional three years with $15 million more offered in February. Each year 10 companies are tapped for a six month residency at Nextcorps headquarters on the sixth floor of Sibley Square, including mentorship, access to resources and $100,000 in follow-on funding. In June, the companies compete for an additional $2 million in funding. This year’s winner was Rochester-based Ovitz, a company developing mobile eye-testing technology.

The program is funded through the Finger Lakes Forward Upstate Revitalization Initiative.

“Luminate NY brings emerging startups to the world’s imaging capital, with all of the Finger Lakes region’s OPI and manufacturing resources, where they can develop and more quickly commercialize their cutting-edge ideas,” said ESD acting commissioner, president and CEO Eric Gertler, in a statement.

Half of the applicants this year were based outside of the US, compared to about a third last year, with entrants from Singapore, Russia, Spain and Israel, among others. Only 15 entrants this year were from New York. Twenty-five semifinalists will come to compete at the third annual Lightning Awards on Thursday, Nov. 7 at the Strong National Museum of Play, where the number will be whittled down to 10.

“Advancements in optics, photonics and imaging technologies are transforming just about every industry today,” said Sujatha Ramanjuan, managing director of Luminate NY. “By giving OPI startups a platform for both business and technical development, we’re helping to advance the mission of these businesses, as well as the industries they serve.”

Winners of the Luminate NY accelerator come with an obligation to stay in Rochester for at least 18 months after completing the program.

“Luminate NY’s ability to repeatedly attract high-quality applications from around the world demonstrates the wisdom of Gov. Cuomo’s decision to locate this high-tech business accelerator in Rochester and build on our reputation as an up-and-coming research and development hub,” said Mayor Lovely Warren. “Luminate NY gives business leaders a platform to bring their innovative ideas to the marketplace, which accelerates the growth of Rochester’s knowledge economy.”

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