Israeli semiconductor company Newsight Imaging has announced an agreement to go public via a merger agreement with special purpose acquisition company (SPAC) Vision Sensing Acquisition Corps. (Nasdaq: VSAC).
The merger values Newsight Imaging at $215 million and the merged company will have an enterprise value of $380 million. The merged company is expected to receive gross proceeds of up to $143.7 million at the closing of the transaction, assuming no redemptions by VSAC’s shareholders, and an additional financing of up to US$40 million. The merger is expected to be completed in the final quarter of 2022, and Newsight Imaging will trade on Nasdaq under the NSIM ticker.
Based in Ness Ziona, Newsight, which was founded in 2016, develops and produces vision sensing chips, devices, and applications. The company has developed advanced CMOS image sensor chips for 3D machine vision and spectral analysis, for lidar laser sensors for autonomous cars.
Newsight Imaging CEO Eli Assoolin said, "Newsight has reached an inflection point of growth, with significant traction for our commercial products and multiple established strategic partnerships with industry leaders. We are privileged to have support from top-tier investors, and prospective access to the US capital markets following the closing of this proposed transaction, which will leave Newsight well-capitalized to provide our innovative solutions. We believe Newsight’s technology is strategically positioned for growth with the increasing need for advance vision solutions in today’s smart machines and technologies, with multiple uses with enormous market potential. Our next generation solutions offer proprietary market leading featured eTOF technology for high resolution and affordable 3D vision, with cutting-edge spectral technology for IOT real-time portable sensing."
The company has also developed sensors for identifying water quality and toxic substances in water through subsidiaries.
In May 2020, Newsight began a joint project with Sheba Medical Center to focus on identifying biological markers for Covid using its computer vision and spectral analysis technology. On the basis of this its Virusight Diagnostics subsidiary was established to develop rapid Covid diagnosis testing through a mouth swab.
Newsight has raised $15 million to date with its most recent financing round in May 2020 led by Infinity Capital.
In January 2022, Newsight founded another startup in partnership with national water company Mekorot, for remote monitoring and analysis of water quality. The company already has 14 registered patents.
Published by Globes, Israel business news - en.globes.co.il - on August 31, 2022.
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