The Silicon-Valley based Irish Technology Leadership Group (ITLG) has awarded the UCC-based InfiniLED, a company that has developed more efficient next-gen LED technology (µLED), the 2011 ITLG University Challenge held at its 4th annual Silicon Valley Comes to Ireland event that took place in DCU last night. InfiniLED is now in line for €100,000 in funding.
The awarding of funding is subject to due diligence by the investor group. InfiniLED has pioneered a next-generation LED technology (µLED) that produces light more efficiently than conventional LEDs. Its success at the Dragons’ Den style challenge is now poised to give InfiniLED the opportunity to secure funding of up to €100,00 after pitching to a panel of Silicon Valley delegates, including Intel pioneer Craig Barrett; tech visionary, John Hartnett and Intel’s Rory McInerney.
InfiniLED was selected by the panel of judges for identifying a problem the currently exists and developing a unique technology solution to address it.
The company claims its technology makes LED more energy efficient to significantly extend the battery life for portable devices, and it was identified as having an interesting market opportunity to pursue.
InfiniLED had strong competition from the other finalists of the University Challenge. The other finalists included University of Limerick spin-out ALR Innovations, a recycling equipment developer that specialises in recycling of LCD displays for European and worldwide recycling markets, and DCU-based company Pilot Photonics, a fibre optics spin-off company from DCU.
Speaking after the win, Joe O’Keeffe of InfiniLED said: "This is a very exciting time for InfiniLED so we are thrilled with the win. We are just starting our fund raising activity and we are hoping that the networking, contacts and exposure from winning the ITLG University Challenge will further this."
Heading to Silicon Valley
Rory McInerney of Intel, speaking on behalf of the judging panel and ITLG, said that all three companies were worthy of the title.
"We would like to take this opportunity to congratulate InfiniLED but also ALR Innovations and Pilot Photonics on their innovative concepts and ambition. We were very impressed with the extremely high-quality pitches from the three companies; we look forward to working with InfiniLED, who really have a unique technology, and welcoming them to Silicon Valley next year."
InfiniLED will now enter due diligence for the opportunity to secure up to €100,000 in funding. The company will also receive:
- One year’s virtual office space at the Irish Innovation Center in San Jose, California;
- Access to the ITLG network and the opportunity to raise the company profile; and
- The opportunity to travel to the next ITLG Awards Event in the spring of 2012 at Stanford University and receive follow-up mentoring through the Irish Innovation Center.
Pictured at the Silicon Valley Comes to Ireland Event were Minister for Jobs, Enterprise and Innovation, Richard Bruton TD (far right); John Hartnett, president and founder, ITLG (left), speaking with Damien Maher of UCD’s CLARITY (centre)
Over 400 people attended the ITLG Silicon Valley Comes to Ireland event held at DCU, which was opened by the Minister for Jobs, Enterprise & Innovation Richard Bruton TD. Members of the Irish Technology Leadership Group (ITLG) met with over 50 Irish companies that are seeking investment and support in accessing the US market.
Established in October 2007, the ITLG is an independent organisation comprised of a number of high-level technology leaders in Silicon Valley who are Irish or Irish-American. The group includes senior executives from some of the Valley’s leading corporations, each of whom are committed to promoting the technology connection between Ireland and Silicon Valley, and helping Ireland address the challenges of embracing new technology opportunities.
Former Intel chairman and CEO Craig Barrett is chairman of the ITLG, while the Silicon Valley-based investor and senior technology executive John Hartnett is president and founder of the ITLG. His career in high tech boasts some of the industry’s leading companies such as Palm, Handspring, Metacreations, Claris/Apple, AT&T, Digital Equipment, and Wang.
John Stanton is the ITLG’s executive director and president of the Irish Innovation Center, which is dedicated to the growth of Irish technology start-ups in Silicon Valley.