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 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 (625 Billion USD).
Liu Changwen, the General Manager of HCH Ventures, the Haier subsidiary leading this Joint Venture said that cutting-edge imaging sensor technology can keep elderly loved ones safe, enhance security, and boost energy efficiency, and he sees exceptional opportunities for strong, sustainable synergy moving forward. The JV is a remarkable milestone for HCH's cross-border dual-core incubator.
Raviv Melamed, Vayyar Co-founder, and CEO stated that 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. 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 their technology.
Daniel Oleiski, the CEO of Haier Israel and HCH Ventures IL said, 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. They are eager to work together to set the standards for a smarter and 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.