INNOVISION Receives Tens of Millions of Yuan in Pre-A Financing, with LEAP Capital Serving As the Exclusive Financial Advisor | Leap Capital Transaction

Recently, Nuvision Technology (Suzhou) Co., Ltd. ("Nuvision Technology"), a Micro-LED display chip solution company, announced the completion of tens of millions of yuan in Pre-A round series financing. The Pre-A round was led by Shengjing Jiacheng, with listed company Baina Qiancheng (300291.SZ) as a follower, and existing shareholders continuing to increase their investments. The Pre-A+ round was exclusively invested by Jiuhe Ventures, with Yuewei Capital serving as the exclusive financial advisor. The financing will be mainly used for product R&D iteration, company operations, and equipment procurement.

Set up in 2021, INNOVISION is a startup enterprise focusing on Micro-LED display chip solutions. It uses the VSP (Vertically Stacked Pixels) technology to break through the physical limitations of difficult pixel miniaturization in the micro display field, and create high-performance micro display chips.

According to the prediction of GGII LED, the global Micro-LED market is expected to exceed $3,500,000,000 by 2025 and enter a period of rapid growth. By 2027, the global Micro-LED market is expected to surpass $10,000,000,000. With the continuous improvement of high-resolution display technology, the market size of Micro-LED displays will continue to grow.

Micro-LEDs are mainly divided into two routes from a product technology perspective: mass transfer and single-chip integration, targeting two major application directions - direct display on medium to large screens and projection display on small screens. INNOVISION, based on a silicon-based substrate solution, integrates Micro-LED and mature stacking technologies in the integrated circuit field, breaks down industry barriers and achieves the unification of the two technology routes at the chip product level. This is also the first feasible solution in China to achieve the unification of the two technology routes.

At present, performance and cost remain obstacles to the large-scale commercial implementation of Micro-LEDs. On the one hand, from the perspective of product performance, due to size effects, Micro-LEDs have low luminous efficiency in small sizes, particularly obvious for the red light part in full-color displays; on the other hand, due to factors such as sapphire wafer size and warpage, the yield of Micro-LED chips is relatively low, making it difficult to meet market expectations in terms of cost and production capacity.

The VSP technology independently developed by INNOVISION achieves pixel miniaturization by stacking multiple layers of materials vertically, and can improve the brightness of red light emission through stacking, fundamentally solving the main technical difficulties in the Micro-LED field. Currently, the INNOVISION team is rapidly iterating core technologies to provide comprehensive support for promoting the commercialization of Micro-LEDs. In terms of team, INNOVISION's core founding team consists of key talents in the semiconductor field from Intel, leading LED/Micro-LED companies in China, Hunan University and other organizations, all of whom have years of experience in the R&D and mass production of Micro-LED chips and micro displays.

Wang Yazhou, Founder and CEO of INNOVISION, said, "The company will focus more on near-to-eye displays, but will also involve mass transfer chips related to Micro-LED large screen displays. Currently, although large screen displays also have technical challenges, their difficulty is much lower than that of near-to-eye displays, and its industry ecosystem is more complete. As for near-to-eye displays, compared with the sapphire 4" route, INNOVISION's WLVSP™ (Wafer Level Vertically Stacked Pixels) has been extended to 8" integrated circuit processes, significantly optimizing Micro-LED yield and cost through large-scale integrated circuit processes."

Wang Xiaohui from Peakview Capital said, "We have long been optimistic about the application prospects of Micro-LEDs in billion yuan scenarios such as display screens, wearable devices, AR/VR and automotive HUDs. INNOVISION's VSP technology has achieved disruptive innovation in processes, with advantages such as smaller size and higher luminous efficiency. We look forward to the application of INNOVISION's products in new market areas."

Wang Xiao from Unity Ventures said, "Unity Ventures has laid out the AR industry chain early on and has always been very concerned about technological innovation in the upstream of the micro display field. INNOVISION has chosen to use large-size silicon-based processes and vertical pixel stacking solutions, which is a new technology solution that can realize the colorization of micro displays, and has the advantages of high performance, high yield, and low cost. At the same time, its team, relying on the industry-university-research advantages of Hunan University, can quickly promote the commercialization of Micro-LED. We firmly believe that INNOVISION can become a leader in the Micro-LED industry and bring new changes."

Li Qian from BAINATION (300291.SZ) said, "Micro-LED technology has a broad market space in the AR/VR and automotive HUD fields due to its advantages of low power consumption, high brightness, small size and easy portability. After years of R&D and technological accumulation, the core team of INNOVISION has independently developed the VSP technology with a stacking design, which is more feasible for mass production than other single-chip integration solutions. Our company has the willingness and confidence to work together with INNOVISION to promote the industrialization of related technologies from the laboratory, achieve the transition from technical theory to large-scale production, and contribute to the rapid development of the domestic metaverse and VR/AR industry."