InfiniLED – a spinout company of the Cork-based Tyndall Research Institute, has been acquired by US Virtual Reality company Oculus.

The acquisition will see low-power LED technology developed in Ireland being applied to enhance performance in VR devices.

The amount of the deal has not been disclosed, however, it is understood to be a multi-million euro transaction.

Based on a breakthrough by Tyndall researcher Brian Corbett, the key to InfiniLED’s technology is its ability to create low-power LEDs, which was commercialised when spun out in 2011 from Tyndall National Institute at UCC by InfiniLED.

Founded in 2010, InfiniLED has commercialised a new generation of LED technology that creates high quality displays with reduced power consumption, extending the battery life for portable devices such as cameras, mobile phones, laptops and VR devices.

The InfiniLED displays consume 20-40 times less power than normal LCD and OLED displays and are capable of producing four times more light with better contrast and colour range.

Tyndall CEO Dr Kieran Drain said he was delighted at the news of the acquisition, adding: "It is exciting to see that Oculus, a vibrant and leading-edge company, appreciates both the technology and the strength of the ecosystem that the InfiniLED team sits in.”

Oculus VR was itself acquired by Facebook in 2014 for $2 billion, and is best known for the Oculus Rift which provides next generation virtual reality solutions, using in gaming, immersive movies and educational experiences.