Three novel photoinitiators, namely (2,2'-bithiophen-5-yl)(4-(N,N'-dimethylaminophenyl)ketone, 5,10-dimethoxybenzo[j]fluoranthene and 6,6'-(((1E,1'E)-(2,5-bis(octyloxy)-1,4-phenylene)bis(ethene-2,1-diyl))bis(4,1-phenylene))bis(1,3,5-triazine- 2,4-diamine) applicable to different near UV or visible LEDs (385 nm, 395 nm, 405 nm or cold white LED) have been developed. When incorporated into multicomponent photoinitiating systems PISs (in the presence of iodonium salt (and optionally N-vinyl carbazole) or amine/alkyl halide couples), they exhibit quite excellent photoinitiating abilities for the cationic polymerization CP of epoxides or the free radical polymerization FRP of methacrylates under air. Compared to the corresponding camphorquinone-based systems, the newly developed photoinitiating systems display noticeably higher polymerization efficiencies under air (epoxide conversions = 31-55% vs similar to 0%, halogen lamp exposure; methacrylate conversion = 56-66% vs 0-8%, LED irradiation). These systems are very interesting to overcome the oxygen inhibition. The photochemical mechanisms have been studied by steady state photolysis, electron spin resonance spin trapping, fluorescence, cyclic voltammetry, and laser flash photolysis techniques.