A Cork-based startup has been snapped up by the Facebook-owned virtual reality company Oculus in a "multi-million euro deal".
InfiniLED makes low-power display technology that uses 20 times less power than normal LCD or OLED displays and is capable of producing four times more light.
Oculus will use the technology in its own virtual reality headsets, which are among the best-selling VR devices in the world.
Led by Joe O'Keeffe, InfiniLED's technology is based on research led by Dr Brian Corbett of the Cork-based Tyndall National Institute.
VIrtual reality is tipped to be the next big technology platform, with giants such as Facebook and Sony investing billions into the format. This week's launch of the PlayStation VR console accessory saw queues outsides shops in a precursor to what analysts believe may become the biggest tech rush this Christmas.
Oculus VR was acquired by Facebook in 2014 for €2bn and is best known for the Oculus Rift which provides virtual reality gaming, immersive movies and educational experiences.
“A key impact of this acquisition will be to increase global awareness that Ireland has technology and research of this calibre," said Tyndall chief executive Dr Kieran Drain. "We anticipate further interactions with companies looking to merge hardware and software in efficient solutions, particularly for new devices that advance consumer electronics and the industrial internet.”