Newsight Imaging and Brightlaser Awarded Collaboration Grant to Develop Next Generation 3D Home and Industrial Security LiDAR

May 03, 2023, 08:31 ET | Source: Vision Sensing Acquisition Corp.——Grant is the First Funding from the Hong Kong-Israel R&D Cooperation Programme 

3D LiDAR Camera will Combine Newsight’s eTOFTM Proprietary Patented Technology and Brightlaser’s Innovative Solution for VCSEL 

NESS ZIONA, Israel, May 03, 2023 (GLOBE NEWSWIRE) -- Newsight Imaging Ltd. (“Newsight”), a leading semiconductor innovator developing proprietary 3D machine vision sensors, spectral vision chips and systems, and Brightlaser Limited (“Brightlaser”), a globally competitive supplier in VCSEL (vertical-cavity surface-emitting laser) technologies, today announced that Brightlaser has been awarded the first grant from the Hong Kong-Israel R&D Cooperation Programme to develop a next-generation 3D home and industrial security LiDAR camera solution.

With the goal of promoting industrial research and development cooperation between Hong Kong and Israeli companies, a Memorandum of Cooperation was signed in February 2014 between the Innovation and Technology Commission (ITC) on behalf of the Government of Hong Kong SAR and the Israel Innovation Authority (IIA) on behalf of the Government of the state of Israel. The Hong Kong-Israel R&D Cooperation Programme provides Israeli and Hong Kong companies access to their respective governments’ funding for collaborative R&D projects with the goal of developing products or processes leading to commercialization in the global market as well as assistance in locating R&D partners. This grant represents the first project from this program funded by the ITC and IIA.

After being introduced by the commercial attaché and the Consulate of Israel in Hong Kong & Macau, Newsight and Brightlaser partnered to apply for a grant to develop a next-generation 3D home and industrial security LiDAR camera, based on Newsight Imaging’s eTOF™ proprietary patented technology and Brightlaser’s innovative solution for VCSEL. The co-developed solution will have state-of-the-art imaging sensing abilities in low-light conditions, allowing it to keep a discrete profile in pitch darkness. This home and industrial security 3D solution will enable accurate object detection and classification based on volume and enable 2D and 3D fusion in one frame, resulting in the faster and more accurate algorithmic data processing.

“We are privileged to be working with Bright laser on this collaboration, and we see strong synergies between our companies and technology to develop an innovative new solution for home and industrial security,” said Eli Assoolin, Co-Founder and CEO of Newsight. “Our joint solution is based on solid-state LiDAR without any moving parts, an eTOF 3D CMOS sensor system, and specifically adjusted optics for illumination and imaging. We will work to design the receiving and the image processing systems using our eTOF proprietary patented technology, and Brightlaser will design the light transmitter sub-system. We thank the ITC and the IIA for their support and funding and look forward to working with Brightlaser over the next 18 months to develop our joint solution.”

“We are delighted to partner with Newsight for this collaboration with their innovative 3D eTOF sensor. We look forward to working together to design and build the product and address the challenges and opportunities” said Dr. Enoch Luo, CEO of Brightlaser. “We are confident our joint efforts will result in a high-performance product with a great fit to the market.”

“We are pleased to have played a significant role in bringing about the collaboration between the Israeli Newsight and the Hong Kong company Brightlaser,” said Avi Luvton, Executive Director at the International Collaboration Division, Israel Innovation Authority (IIA). “Their joint project uses LiDAR technology, commonly used for smart transportation purposes, for industrial and private security markets as well.

“This joint venture was made possible thanks to the unique collaboration between the Israel Innovation Authority and Hong Kong. This collaboration offers Israeli companies a strategic gateway to additional Asian markets and builds on Hong Kong's commercial prowess and Israel's creative entrepreneurial spirit, breakthrough academic research, and innovation ecosystem.”

The size of the Global Home Security market stands at roughly USD 52 Billion in 2022 and is set to garner a market size of USD 106 Billion by 2030, growing at a CAGR of 8.6% from 2022 to 2030 according to leading market research firms. The 3D LiDAR Home Security market is currently a fraction of that, at roughly USD 305 Million, with the market demanding a robust shift towards LiDAR solutions. 3D LiDAR Home Security Systems are set to grow much faster than the overall market, between 8% and 16% CAGR into 2030.*

* The foregoing data is derived from the following web-based reports which web pages are expressly not incorporated into, and do not constitute part of, this press release.

* https://www.industryarc.com/Report/19086/LiDAR-for-security-market

* https://www.securitymagazine.com/articles/97744-how-lidar-augments-camera-systems-and-security-operations

* https://www.investorsobserver.com/news/qm-pr/7299798303530319

* https://www.globenewswire.com/news-release/2023/01/24/2594779/0/en/Home-Security-System-Market-Size-to-Touch-USD-106-3-Billion-By-2030-As-Per-Acumen-Research-and-Consulting.html#:~:text=24%2C%202023%20(GLOBE%20NEWSWIRE),8.6%25%20from%202022%20to%202030.&text=The%20home%20security%20system%20market%20is%20rising%20at%20a%20good%20pace.

* https://www.marketsandmarkets.com/Market-Reports/home-security-system-market-205573901.html

* https://www.grandviewresearch.com/industry-analysis/security-market