Medical equipment distributor AJJ Medtech Holdings has signed an MOU with a China-based technology company to try and build a new business in what it calls the "world's first multifunctional humanoid elderly care robot".
Under terms of the MOU, AJJ Medtech will work on an exclusive basis with Hangzhou Huaxi Intelligent Technology within the Singapore market and create a product that can help deal with the ageing population trend.
"The collaboration will utilise Singapore as its initial launch location and demonstration market, with a roadmap for subsequent expansion into key international markets," reads an Oct 12 announcement by AJJ Medtech's executive director and CEO Alice Zhao Xin.
"The parties plan to conduct further clinical research and applications within Singapore's nursing homes and medical institutions, with future announcements detailing the implementation plan and long-term vision pertaining to the Humanoid Elderly Care Robot," adds Zhao.
According to AJJ Medtech in its announcement on Oct 12, Huaxi Intelligent's first-generation Model HT-X1 Humanoid Elderly Care Robot has already secured over 1,000 pre-orders, laying a solid foundation for commercialisation.
Initial units are being progressively deployed to the market, gathering valuable market feedback and enhancing its AI algorithms through real-world operation. These core innovations are underpinned by an IP portfolio including 9 granted patents.
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According to AJJ Medtech, the robot will have features such as multi-language and dialect support; ability to assist with daily activities such as mobility assistance; provide monitoring support and even emotional interaction.
AJJ Medtech, whose sponsor is Evolve Capital, adds that it intends to secure full regulatory compliance for the robots to be used in Singapore.
Nonetheless, AJJ Medtech warns that the project remains subject to uncertainties, including regulatory approvals, intellectual property considerations, and market volatility.
AJJ Medtech shares gained 14.29% on Oct 13 to close at 0.8 cents.
