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
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- 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, SHANDONG. YEHUD, ISRAEL – [October 27, 2021] – 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.
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.
