Chinese-Israeli JV to Target Silver Tech Smart Home Market
A new joint-venture partnership between Haier subsidiary HCH and global RF imaging products developer Vayyar is set to launch an IoT ecosystem that uses touchless sensor technology to benefit ageing populations in China and other countries.
The strategic relationship will initially develop a solution to combat falling, a frequent cause of injury and premature mortality in China, where some 120 million seniors live alone. Forecasts suggest the country will have a population of 402 million people aged above 60 by 2040.
The deal allows Haier, which boasts a major presence on the Chinese mainland, to supply the domestic “silver tech” TAM (Total Addressable Market) which is worth over 4 trillion yuan (625B USD), whilst also allowing Vayyar to leverage Haier’s reach to supply its distribute disruptive RF imaging-based products.
“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”, says 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,” adds 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.”
Daniel Oleiski, CEO of Haier Israel and HCH Ventures IL, says: “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.
“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.”