As I understand, Kata Containers
Kata Container build a standard implementation of lightweight Virtual Machines (VMs) that feel and perform like container
Here's a simple explanation
Kata Containers
Some kind of Containers which run on Hardware.
Traditional Virtual Machines are secure but not as fast as Containers. Kata Containers Project is like a Virtual Machine as lightweight as a Container. In other words, Kata Containers solved the low speed problem of VMs.
gVisor
Containers running inside a sandbox named gVisor (there's a sandbox per container)
Containers are fast but not as secure as Virtual Machines. gVisor is something like a sandbox and every container should run inside one sandbox. In other words, gVisor solved the security problem of Containers.