Haier's HCH Ventures Partners with RF Imaging Leader Vayyar to Establish Joint Venture in China
The Joint Venture partnership will initially focus on providing touchless fall detection for seniors as well as expanding Vayyar's activities in the Chinese market
HCH, a subsidiary of Haier, signs Joint Venture agreement with Israeli technology provider, Vayyar, aiming to address the 4 trillion yuan (625B USD) "silver tech" market in China
Haier's senior-oriented IoT and smart home products to be based on Vayyar's award-winning technology that supports fall detection and monitored wellbeing for leading Chinese eldercare communities and their insurers
Vayyar's unique camera-free radio frequency solution provides 24/7 protection for seniors in all settings, while maintaining privacy at all times
Touchless sensors overcome the limitations of traditional fall alert devices which require users to push buttons, pull cords, or put on wearables
QINGDAO, China and YEHUD, Israel, Oct. 27, 2021 /PRNewswire/ -- HCH, a subsidiary of Haier, has partnered with Vayyar, the Israeli high-tech company and global leader in RF imaging, to create a new IoT ecosystem built around the world's most advanced touchless sensor technology. Haier's huge marketing presence in China will enable Vayyar to expand its footprint and offer disruptive RF imaging-based products that will define the standard of care in China.
The strategic relationship has been initially established to benefit rapidly aging populations in China and beyond, for whom falling is a leading cause of injury and premature mortality. Around 120 million Chinese seniors live alone and by 2040, there will be 402 million people aged 60 or older in China. The deal allows Haier, the world's leading major appliance brand, to serve a Chinese "silver tech" TAM (Total Addressable Market) worth over 4 trillion yuan (625B USD).
"Cutting-edge imaging sensor technology can keep elderly loved ones safe, enhance security, and boost energy-efficiency, and I see exceptional opportunities for strong, sustainable synergy moving forward", said Liu Changwen, the General Manager of HCH Ventures, the Haier subsidiary leading this Joint Venture. "The JV is a remarkable milestone for HCH's cross-border dual-core incubator."
"Vayyar is excited to partner with HCH to deliver best-in-class fall detection that will make China the world leader in protecting the elderly, while respecting their privacy and independence," said Raviv Melamed, Vayyar Co-founder and CEO. "Haier's innovative IoT and smart home devices will improve quality of life and longevity for older adults, aligning perfectly with Vayyar's vision and the capabilities of our technology."
"Through its office in Israel, HCH has been tracking Vayyar's RF imaging System-on-Chip performance for over two years and this is a very exciting moment for both companies who have now joined forces. We are eager to work together to set the standards for a smarter and a safer living environment for seniors in China," said Daniel Oleiski, the CEO of Haier Israel and HCH Ventures IL.
Supported by and in partnership with Vayyar, Haier will now leverage its global network of R&D centers, global reach, robust sales channels, and strong supply chains to define the eldercare and smart home sectors for decades to come.
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About Haier
The Haier Group Corporation is a Chinese multinational home appliances and consumer electronics company headquartered in Qingdao, Shandong. It designs, develops, manufactures and sells products including refrigerators, air conditioners, washing machines, tumble dryers, ovens, etc. The home appliances business, namely Haier Smart Home, operates via a number of global brands including Haier, Casarte, Leader, GE Appliances, Fisher & Paykel, Aqua and Candy.
About HCH Ventures
HCH Ventures is an entrepreneurial platform created by Haier Group for global entrepreneurs. Since its inception in 2014, HCH already encompasses 40 accelerators in 12 countries around the world and over 350 accelerated projects with a total valuation of more than 200 billion RMB. "HCH Ventures" was shortlisted in the "Top 500 Chinese Brand Values", and its brand value was ranked first in the incubation and the acceleration category.
About Vayyar Imaging
Vayyar, the leader in RF imaging technology, has created the world's most advanced System-on-Chip platform to gather life's essential data, providing solutions for senior care, automotive, retail, security and more, while maintaining privacy at all times. Vayyar's mission is to deliver the next generation of sensing technology that is miniature, affordable, and versatile enough to impact everyone's lives, enabling a safer world.
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SOURCE Vayyar
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