At the Genesis Showcase last night in the Rubicon Centre — Cork Institute of Technology’s business incubation hub — Adaptive Lighting founder Tony Morrissey accepted the €50,000 investment from Enterprise Equity (the AIB seed capital fund) and a cheque for €2,500.
Adaptive Lighting’s lighting designs blend LED technology with enhanced optical, thermal and electronic systems, notably for life sciences and medical device manufacturers.
Tony Morrissey said: “The investment will allow us to build a new management team to exploit these opportunities.”
Part of CIT’s Innovation Week, Genesis Showcase features 17 new spinout firms which are already taking on their first staff. Sectors include software, gaming, new media, food, microelectronics and medical devices.
Last year’s overall winner, ePub Direct, won a €1.3m investment shortly after graduating from the Genesis programme. It now plans to expand its Cork operation with at least 30 new jobs.
The Genesis Alumni Award for 2012 went to Brian O’Keeffe of Somex, which supplies test equipment for laboratories in the carbonated beverage industry. It has customers in 45 countries across four continents.
The Business Development Achievement Award and €1,250 went to Patrice Fanning of writing and editing software firm Technically Write IT. The Market Entry Success Award and a prize of €1,250 went to Ed Donovan, Heartaid, which provides a doctor-led cardiac screening service.
Business Plan of the Year and €1,250 went to Russell Quigley of Nixatel for its new taxi-hailing app. The Market Opportunity Investigation award and €1,250 went to James Kehoe and Mary Liddane of PIA, whose cloud-based service securely collects and analyses data on policy decisions.
CIT hosts Genesis Showcase with partners Enterprise Ireland and the local Enterprise Boards.
The 2012 Genesis Showcase and Awards are supported by CIT, Enterprise Ireland, Enterprise Equity Seed Capital Fund, Cork County & City Enterprise Boards, AIB, Ernst & Young and Ronan Daly Jermyn. Thomas Crosbie Holdings is media partner.