Looks like a very lightweight version of a tent design that has been around for a long time.

I made a tent similar to this around 1970 and I was copying an existing Canadian product.

Don't know about the crinkly spinnaker cloth. The stuff I've seen isn't fully waterproof.

My latest evolution of this design (hooped pole, tent plus fly, all ripstop tent) is shown in the Make Your Own Gear section of this website under DJ's Bivy Tent.