Newsight Imaging Secures $7 Million Series A Financing Round Led by Infinity Capital

ECOMOTION CONFERENCE, May 18, 2020, Israel — Newsight Imaging,the CMOS imager sensor chip maker for 3D machine vision and spectral analysis applications announced today it completed a $7 million series A round of financing. Infinity Capital led the investment round with the participation of Dr. George So. The investment brings Newsight's total funding, including governmental grants, to $15 million and will help the company aggressively expand its sales and marketing efforts as well as broaden and accelerate product development. Ms. Claire Zhao, VP of Infinity Capital, already joined Newsight's Board of Directors, and Dr. George So, Owner of AIinnoBio HK, will join as a board observer.

The series A financing builds on the great momentum that Newsight has demonstrated in the past year, with meeting major milestones, such as successfully completing a prototype design collaboration with ZKW, a leading automotive lighting system, the growing number of design wins of the NSI1000 with demonstrated eTOF™ enhanced-Time-Of-Flight capability, and the successful pilots and engagements in the spectral analysis field with Mekorot, the national water company of Israel, and recently its successful pilot of at-home virus detection reference design tested at a leading Israeli medical center. Dr. George So, a seasoned entrepreneur with vast experiences gained on working with Fortune 500 companies as well as local reputable business conglomerates, strategic investment in Newsight, was bundled with licensing of Newsight's technology and commercial agreement to buy Newsight products for its HK based biotech company AIinnoBio, which develops spectral analysis solutions, such as an at-home virus detection device.

“We are very optimistic about this Israeli start-up. First of all, their cutting-edge technological advantages, the CIS chips with high frame rate, which can do a lot of firsts in the industry. We are so impressed by Newsight's ability to capture market opportunities, from the autonomous driving industry, machine vision, spectral water detection to Coronavirus detection, the company always remains highly sensitive and flexible to the market, and is always prepared to face new challenges.” said Claire Zhao, VP of Infinity Capital.

Dr. George So, Owner of AIinnoBio added "I am extremely excited to be a part of the team to witness and also to participate in the development of applications for the chip, in particular, the possibilities of developing home diagnostic devices for viral and bacterial infections. The ability to detect specific spectral signatures of viruses and bacteria, coupled with the ease of sample preparations and portability of the diagnostic device, will significantly impact community prevention of any pandemics”.

Newsight's sensors have unique qualities, such as very high frame-rate (up to 100,000 frames-per-second on a single line), an AI-ready multi-set feature that enables the sensor to move from a range detection to machine vision picture from frame to frame, in-pixel accumulation, support of multitriangulation and its embedded eTOF™ technology that allows acquisition of a full resolution depth imaging scene. Newsight has also developed its spectrometer-on-chip solution, which captures 400-1100 nm ultra-accurate spectral signatures and is the base for game changing solutions for water monitoring and for at-home immediate virus and remote health detection devices. Newsight will soon offer a full development kit, called SpectraLIT™, for spectral analysis device and sensing solution makers who want to test Newsight's solution and build their own device based on Newsight's superior platform and chips.

“We welcome our new investors to the Newsight family” said Newsight Imaging’s Chief Executive Officer Eli Assoolin. “While the world came to an almost complete stop due to the Corona Virus situation, Newsight’s team worked intensively to utilize our powerful machine vision chip capabilities with recent technology for water and beverage detection, and built a patent pending device solution for at-home virus detection that is expected to enable fast recovery to normal market conditions and become a key factor that will allow normal life to resume. With Infinity's guidance and with Dr. George's strategic partnership, we are confident about Newsight's scaling and will continue now to round-B fundraising, which is supposed to bring the company
to much greater revenues and to new exciting markets”.