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Virusight Diagnostic and Technogenetics have signed a Memorandum of Understanding to enhance their collaboration in developing rapid diagnostic tests, including a 20-second COVID-19 test with 96.3% accuracy. This partnership will leverage AI-based technology and patented reagents. The test is part of a wider strategy to expand into various health diagnostics. The global in-vitro diagnostics market is projected to grow significantly, providing a backdrop for their innovations. Early deployment has begun in Hong Kong, with demonstrations planned at MEDICA in Germany.
Vision Sensing Acquisition Corp. (NASDAQ: VSAC) has announced a three-month extension for its business combination with Newsight Imaging Ltd., pushing the deadline from November 3, 2022, to February 3, 2023. The sponsor, Vision Sensing, LLC, deposited $1,012,000 into the trust account to facilitate this extension. The merger will result in Newsight becoming publicly listed, with its shares exchanging on a one-for-one basis for VSAC's common stock. This transaction is expected to close in Q4 2022, allowing for synergies in advanced CMOS image sensor technology.
Newsight Imaging has announced the first shipments of its NSI9000 one-chip CMOS image sensor for depth imaging, designed for applications in Lidar systems, automotive ADAS, and more. The sensor features 491,520 depth pixels, global shutter capability, and a depth accuracy of under 1%. It operates optimally between 0-200 meters and is powered by Newsight's patented eTOF technology, enhancing depth sensing capabilities. The company also offers its eTOF LiDAR III for prototyping. This development follows five years of collaboration, expanding Newsight's market presence in advanced automotive and smart city technologies.
Vision Sensing Acquisition Corp. (VSAC) has announced a definitive agreement to merge with Newsight Imaging Ltd., a pioneering developer of 3D machine vision and spectral imaging technologies. The transaction values Newsight at US$215 million, with the combined pro forma enterprise value estimated at US$380 million, assuming no redemptions and potential financing of US$40 million. This merger aims to enhance growth and market presence in the rapidly expanding vision sensing market, projected to exceed US$2 trillion by 2025. The deal is expected to close in Q4 2022, followed by a Nasdaq listing under the symbol NSIM.