PreAct Technologies Awarded Top Honors and $1 Million in Investment.
ROCHESTER, N.Y., Oct. 1, 2021 — PreAct Technologies, an Oregon-based developer of intelligent sensing technology designed to bridge the gap between collision avoidance and active safety, earned the top prize in the fourth cohort of the Luminate NY Program’s Innovation Finals Competition. Winners were announced live via virtual ceremony, presented by Sujatha Ramanujan, Luminate’s managing director.
Prize money will be provided by New York state, through the Finger Lakes Forward Upstate Revitalization Initiative, and will be used to help PreAct prepare for commercialization.
“Luminate was a phenomenal program, and we’re looking forward to participating in the New York area now as a company,” said Paul Drysch, founder & CEO.
Each year, Luminate—which is administered by the New York technology-development organization NextCorps—admits a class of ten start-up firms, each of which receives US$100,000 in immediate funding and participates in a six-month comprehensive program of support, including access to lab and fabrication facilities, connections to potential investors, and mentoring from seasoned professionals and entrepreneurs.
The process culminates in a pitch-day competition in which the ten firms vie for more than US$2 million in additional follow-on funding. The accelerator is currently accepting applications for its 2022 class.
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