Chubu Electric Power (Chuden), headquartered in Nagoya City, Aichi Prefecture[1], and Novars[2], a Tokyo-based wireless dry cell battery manufacturer, announced on October 25, 2019 that they have reached an agreement to jointly develop new monitoring services for senior citizens in order to respond to the increasing demand for senior care. Novars develops and commercializes a dry-cell battery integrated with a communication module called “MaBeee[3]”. The device is designed to provide remote monitoring services for seniors and children via a connected network. The two companies aim to ultimately improve users’ safety and security through the use of Artificial Intelligence (AI) and Internet of Things (IoT).
Chubu Electric Power Group Management Vision wants Chuden to “provide innovative services for new communities” through AI and IoT, as well as other advanced technologies, in addition to strengthening its core energy business operations. Subsequently, it has recently established a distinct business segment in April 2019 that emphasizes providing and managing new community services.
Additionally, Chuden has agreed to invest in Novars by providing some capital through a third-party allotment. Chuden’s investment will be contributed from the Chubu Electric Power Community Support Fund, which supports venture capital funds and startups with advanced technologies or innovative business models related to monitoring services. The fund, a corporate venture capital fund, was established in April 2019 as an internal fund for Chuden[4].
[1] https://www.chuden.co.jp/english/corporate/ecor_company/ecom_outline/index.html
[3] http://novars.main.jp/new_WP/company
[4] https://www.chuden.co.jp/corporate/publicity/pub_release/press/3272005_21432.html