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Arts & Life

Luminate NY competition to get another $15 million in state funding

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Governor Andrew Cuomo has announced $15 million  in additional funding for the Luminate NY business competition in Rochester. 

That competition focuses on the optics, photonics and imaging industry, and it's located in Sibley Square in the city’s Downtown Innovation Zone.

The program is administered by the local organization, NextCorps. The program supports the participating start-ups with help from industry experts and local universities.

The second round of the competition began in January. The ten finalists selected received an initial investment of $100,000 and are now involved in a six-month program to help them accelerate efforts to commercialize their technology.

They will then compete in a “Demo Day” on June 27 for more than $2 million in follow-up funding. Companies must commit to establishing operations in Rochester for at least 18 months.

This newly-announced funding will support three more rounds of the business competition. The state money comes from the Finger Lakes Forward Upstate Revitalization Initiative.