LightWare LiDAR, a South African company supplying world-class microLiDAR sensor technology to leading global companies has secured an investment of $1.5-million (R25-million) from Sanari Capital growth.
The investment will take African tech to the next level, establishing LightWare in the global industry
The investment funding provided will allow LightWare to rapidly create a series of innovative products using technology. Backed by 27four, Sanari Capital’s Lower and Mid Market Fund has made its first investment and chosen LightWare as the innovative company to back.
Moushmi Patel, Partner at Sanari Capital comments on the investment placed into LightWare.
“Not only does LightWare present an opportunity for attractive financial returns, confirmed by its profiling by Silicon Valley veteran investment bank, Woodside Capital Partners, as one of the leading 99 growth companies globally expected to prosper amidst the pandemic, but it is also supportive of Sanari’s focus on ‘Doing Good whilst Doing Well’. We are pleased that LightWare can play such an important role in the COVID-19 response, promoting the South African industry on a global platform and creating jobs and skills for our local market.”
Pushing technological boundaries
Established in 2012, LightWare gives ‘eyes to machines’, designing and manufacturing some of the world’s smallest and lightest precision LiDAR systems for use in drones, robots, autonomous vehicles, smart cities, and other applications.
Using LiDAR technology, LightWare provides its service to some of the largest internet, logistics, and drone companies across the world. LiDAR is a remote sensing method that uses light in the form of a pulsed laser to measure the distance to object.
The South African founded and based technology company has established an international reputation as a leader in autonomous navigation and collision-avoidance applicants for LiDar technology.
Using the provided funding, LightWare will further its advances in utilising and providing a service of LiDAR technology. Tailwinds for LiDAR were already emerging when the transaction was initially contemplated, driven by the staged regulatory opening of autonomous drone delivery in the US and widespread use of drones for the delivery of life-saving medical supplies to remote areas in Africa.
However, the onset of the COVID-19 pandemic has further accelerated the adoption and use-cases for LiDAR technology. With emerging megatrends such as the demand for contactless solutions (delivery by drone, workplace robots, IoT monitoring, and management), remote medicine, test kit, and vaccine delivery, and e-commerce, the demand has intensified.
Sanari Capital, a private equity investment firm focused on high growth and international opportunities emanating primarily from South Africa, is backing the company’s global expansion.
Samantha Pokroy, CEO at Sanari Capital provides insight into why Sanari Capital chose to invest in LightWare.
“Already the company has achieved international success in this niche and growing market. Based on the reputation of its product and management team alone, the business has attracted large multi-national companies as customers. Now with industrious marketing and the ability to supply customers with on-the-ground presence in international markets, we expect the company’s growth to accelerate dramatically.”
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In this episode of GFA-Attract, GetFundedAfrica’s Co-Founder, Debo Omololu discusses with Yassine Oussaifi, a Tunis-based Venture Capital Partner at AfricInvest Group. AfricInvest has $1.5 billion in funds under management and is one of Africa’s largest venture capital firms. Yassine loves water sports and basketball and tries to relax at beach locations.