University spinout Lumai has secured a 拢1.1m grant from Innovate UK to power optical computing revolution.
Lumai span out of The University of Oxford in January 2022 and is developing all-optical neural networks for next-generation artificial intelligence (AI).
They鈥檒l be using the 拢1.1m Innovate UK Smart grant to commercialise its ground-breaking work in all-optical network training and deep optics for faster, more efficient computing.
The grant was awarded in conjunction with The University of Oxford and follows its previous funding from IP Group.
Tim Weil, CEO at Lumai, said: 鈥淭he Innovate UK Smart Grant win is a testament to the team鈥檚 vision and passion to create optical computers that are significantly faster and consume less energy than traditional electronics.
鈥淎fter spinning out from The University of Oxford, it鈥檚 fitting that we work together on the Innovate UK project to further enhance the capabilities of these advanced optical systems.
鈥淲e鈥檙e excited to be bringing Lumai鈥檚 game-changing technology to the world, and we look forward to making our mark on the UK market and beyond.鈥�
Prof Alex Lvovsky, co-founder of Lumai and an award-winning expert in optical computing, added: 鈥淭here is vast potential for optical neural networks, and the backing from Innovate UK 鈥� alongside investment from IP Group plc and Runa Capital 鈥� will help us to develop our vision to build ONNs and deliver on the huge potential of optical computing.鈥�
Existing transistor-based digital electronics are struggling to support the potential offered by AI, especially with the explosive increase of computation demand to support breakthrough AI models such as ChatGPT.
To combat this, Lumai鈥檚 computing platform is capable of energy-efficient and ultra-fast, parallel processing. Lumai鈥檚 optical neural networks will be 1000x faster 鈥� and much more sustainable 鈥� than existing transistor-based digital electronics.
The funding will support Lumai in building and launching optical neural networks for high-performance computing and machine vision, while simultaneously leading developments in advanced optical technologies.
Innovate UK鈥檚 Smart grant has focused eligibility criteria and scope to support SMEs and their partners to develop disruptive innovations with significant potential for rapid, economic return to the UK.
Innovate UK is part of UK Research and Innovation and is investing up to 拢25m in the best game-changing, and world leading ideas, designed for swift, successful commercialisation.