Huami Corp. (NYSE: HMI) and Promaxo, Inc. today announced a partnership for joint technology, commercialization and market development opportunities. Huami is a global provider of smart consumer health and industrial health technologies. Promaxo is pioneering MRI technology that pushes the boundaries of medical imaging by encapsulating high-quality MR imaging at low magnetic field into a small form-factor, with an initial market emphasis on urology applications.
The companies plan to work together on joint engineering for the application of artificial intelligence, product integration opportunities and contract manufacturing. Huami will support commercialization of Promaxo products in China and globally. Promaxo expects to leverage Huami’s wearable technology to explore potential improvements in pre- and post-treatment patient health and behavior. Huami is also beginning due diligence for potential investment in Promaxo.
“Huami has developed significant expertise in A.I., miniaturization engineering and manufacturing, and analysis of individual health data, which we believe can be of value to Promaxo,” said Wang Huang, Chairman and CEO of Huami. “Our company’s mission is to connect health with technology, and we are expanding the industrial side of our business and looking for new ways to connect healthcare consumers and providers with new diagnostic and treatment technologies.”
“Partnering with Huami provides new opportunities for Promaxo to leverage its technical innovation and accelerate market penetration,” said Amit Vohra, President and CEO of Promaxo. “We have established a number of wide-ranging initiatives, and we believe there are significant opportunities and benefits that can come from this partnership.”
“In 2020, Huami has undertaken a more proactive stance on partnerships to leverage our technology, our increasingly global reach and our financial resources to create additional growth opportunities,” added Tim Houchin, Huami’s Vice President of Business and Corporate Development. “We are excited to partner with such a promising innovator and disruptor as Promaxo.”
About Huami Corporation
Huami’s mission is to connect health with technology. Since its inception in 2013, Huami has developed a platform of proprietary technology including AI chips, biometric sensors, and data algorithms, which drive a broadening line of smart health products for consumers, and analytics services for industry. In 2019, Huami shipped 36.6 million units of smart watches and fitness bands, including its own Amazfit brand, and products developed and manufactured for Xiaomi, comprising 23% of global category shipments1. Huami Corporation is based in Hefei, China, with U.S. operations, Huami-USA, based in Cupertino, Calif. For more information, please visit https://www.huami.com/investor/pages/company-profile.
1 IDC, Correcting and Replacing Shipments of Wearable Devices, 3/10/20
About Promaxo, Inc.
Promaxo was founded by a team of entrepreneurs and healthcare innovators to develop a minimally-invasive and patient-centric MRI and robotic platform. Based in Oakland, California, and backed by over 60 patents, the company’s mission is to improve lives through state-of-the-art medical imaging, robotics, and AI capabilities. With a compact and adaptable MRI, Promaxo is redefining the standard of care by improving the quality and speed of patient screening and interventions. The Company has formed numerous long-term and strategic partnerships with investor groups as it prepares to enter the US market.
To learn more about the technology behind the MRI system and its scope, visit: Promaxo.com.