Kernel Capital has invested in Dublin City University technology spin-out Pilot Photonics.

The investment of almost €1m by the Bank of Ireland Kernel Capital Funds was made in syndication with Dublin BIC. 

The company has recently been awarded a major contract by the European Space Agency (ESA) to develop laser communications systems for use in a range of advanced communications satellite systems.

Pilot Photonics' technology is based on over ten years of pioneering research and development undertaken at DCU, Trinity College Dublin and Tyndall National Institute.

It has multiple applications across the communications, energy, safety, aerospace and defence sectors globally. 

The company said the new funding will enable it to expand the team and accelerate its international growth plans.

"Three years ago we took a strategic decision to pursue the development of a completely new technology platform centred around photonic integration," commented the company's chief executive Frank Smyth.

"Securing this investment from Kernel Capital and DBIC is a strong validation of that strategy and the new business opportunities it has opened up," Mr Smyth added.