Women-led private equity firm Sanari Capital, backed by institutional investor 27four, has waded into the microLiDAR technology sector, investing R25 million in LightWare LiDAR.
LightWare designs and manufactures LiDAR systems for use in drones, robots, autonomous vehicles, smart cities and other applications.
It delivers its technology to global clients, including Internet, logistics and drone companies.
LightWare also exports more than 95% of its devices worldwide, and is regarded as one of the significant global players in autonomous navigation and collision-avoidance applications for LiDAR technology.
Commenting on the investment, Samantha Pokroy, CEO of Sanari Capital, says her team is focused on high growth and international opportunities emanating primarily from SA.
“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 multinational 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.”
Moushmi Patel, partner at Sanari Capital, says: “LightWare presents 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 amid the pandemic.
“We are pleased that LightWare can play such an important role in the COVID-19 response, promoting South African industry on a global platform and creating jobs and skills for our local market.”
Globally, the COVID-19 pandemic has further accelerated the adoption and use cases for LiDAR technology.
Sanari says 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 have intensified.
James Portman, founder and CEO of LightWare, comments: “Every company with aspirations reaches a point where it’s time to seek investment – and this time has come for LightWare. We’re pleased that Sanari Capital has come on board as partners in our ever-growing venture.
“LightWare is poised for massive international expansion, and our partnership with Sanari will fuel this aggressive growth, enabling us to rapidly bring a series of innovative products to a global audience.”
Sanari’s financial backer 27four welcomed the transaction, with Rory Ord, head of unlisted investments at the firm, saying: “We are excited to back Sanari to complete the investment in a cutting-edge business like LightWare, and worked closely with the Sanari team through the investment process.”
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