The laser technology developer secured the funding on the heels of a $410,000 ESA contract to develop subsystems for advanced communications satellites.

Pilot Photonics, an Ireland-based laser technology developer spun out from Dublin City University (DCU) and Tyndall National Institute in Cork, has attracted nearly €1m ($1.2m) in funding, the Irish Times has reported.

Enterprise support agency Enterprise Ireland and Bank of Ireland Kernel Capital Venture Funds, a cross-Ireland equity vehicle backed by financial services firm Bank of Ireland and managed by Kernel Capital, both invested in Pilot, as did incubator Dublin Business Innovation Centre (BIC).

Founded in 2012, Pilot Photonics develops and licenses comb source laser-based products, a type of laser that simultaneously emits on multiple wavelengths. The spinout claims its technology consumes only a third of the power of comparable solutions while costing less.

The spinout chiefly targets the communications and internet of things sectors. The spinout was co-founded by four DCU researchers – Frank Smyth, who now acts as chief executive, Philip Perry, Prince Anandarajah and Liam Barry – alongside Andrew Ellis from Tyndall.

Pilot will use the funding to add staff to its development team as it looks to grow its business internationally.

Enterprise Ireland and AIB Seed Capital Fund, a partnership of Enterprise Ireland and financial services group Allied Irish Banks, backed a $400,000 seed round in 2012.

Intergovernmental space exploration board European Space Agency recently handed Pilot a $410,000 contract to develop laser-based sub-systems that would help power advanced communications satellites.

Smyth, chief executive of Pilot Photonics, said: “Three years ago we took a strategic decision to pursue the development of a completely new technology platform centred around photonic integration.

“Securing this investment from Kernel Capital and Dublin BIC is a strong validation of that strategy and the new business opportunities it has opened up.”