I just got this light weight bug bivy from what appears to be a new company, Bear Paw Tents.
I originally bought his Bug bivy, which has a hoop set-up, but it weighed 10.5 oz without the hoop in it and 13 with it (not including 4 stakes) on eBay for $75.
The owner was very accommodating when I asked him to make a different bivy, lighter with more room. This is what he came up with, and he is selling them on eBay for $75 including shipping. Not a bad bug bivy, mine weighs 7.9 oz on my Pelouze digital postal scale. It uses a more robust no-seeum than some other UL gear makers, hence the slightly higher weight than some others (has 2 inch Silnylon bathtub floor). But it should be more durable and you can't beat that price for under 8 oz.
It doesn't rain too much here in the Southwest, and when it does it is usually during the day when I am hiking (monsoons). I like to sleep under the stars, and if I think there might be rain I pull out my Oware Catttarp.
Here it is set up in my back yard with a Big Agnes 72 inch Air mattress.