|
 Lightwave Technologies, an innovative environmental technology company located at NovaUCD, has secured seed capital funding of �300,000 from a group of private investors.
Lightwave Technologies uses artificial intelligence techniques to make efficient decisions for controlling energy usage in commercial buildings with the objective of saving up to 30 percent of energy costs for clients.
Lightwave Technologies is in the final stages of developing its first product, a system called ICE (Intelligent Control of Energy). This system is using new advances in computer science in the area of neural networks. The system adds intelligence to existing Building Management Systems, learns the thermal characteristics of a building from past experiences, and anticipates how it may react under new conditions such as changes in occupancy requirements and the outside temperature, to ensure the efficient use of energy within a building.
The company plans to develop an embedded version of its product for sale to Original Equipment Manufacturers (OEMs) of Building Management Systems. This will enable these manufacturers to offer advanced energy savings, using Lightwave�s technology, to their existing, as well as new customers.
The company�s promoters, Waterford brothers Nicholas and Gerard McNulty, have teamed up with Dr Tahar Kechadi and Dr Joe Carthy of UCD�s Department of Computer Science to develop the ICE system. Dr Kechadi is an internationally recognised expert in artificial intelligence and both he and Dr Carthy bring a wealth of expertise to the Lightwave team.
Lightwave Technologies was the overall winner of the 2003 NovaUCD Campus Company Development Programme, designed for entrepreneurial driven emerging enterprises. During 2003 the company was also short-listed for Forf�s� All-island Innovation Awards and for InterTradeIreland�s EquityNetwork all-island Seedcorn Business competition.
Speaking about this significant investment, Nicholas McNulty, co-founder of Lightwave Technologies, said, �The seed capital funding will enable the company to finalise the development of our ICE product, market it to our potential customers and generate our first sales.� He added, �We are also delighted to be now located at NovaUCD. NovaUCD is buzzing with activity, it is a melting pot of creativity between companies located there and the ability to interact with University researchers is fantastic. The NovaUCD staff, all of whom are all highly qualified, bring a wealth of expertise to assist start-up companies."
Commenting on Lightwave Technologies decision to locate to NovaUCD, Dr Pat Frain, Director of NovaUCD said, �We are delighted that this company, the overall winner of last year�s Campus Company Development Programme, has now located to NovaUCD. The unique expertise and experience of Nicholas and Gerard McNulty, and their colleagues from UCD�s Computer Science Department, will make a significant contribution to the growing community of entrepreneurs at NovaUCD.� He added, �This initial investment in Lightwave brings the company�s innovative technology closer to the marketplace.�
For further information on
NovaUCD please visit http://www.ucd.ie/nova/
|
