Audio tech company Nuheara (ASX: NUH) has gained notable support having been engaged by global tech company HP Inc (NYSE: HPQ) to collaborate on new audio technology for HP and its millions of customers around the world.
The collaboration will focus on new audio experiences with Phase 1 of the multi-phased arrangement to commence immediately.
“This product and technology collaboration with one of the world’s largest personal computer vendors is testament to Nuheara’s leading edge in hearables,” Nuheara CEO, Justin Miller.
“It is validation of our R&D, our products, and most importantly the Nuheara team, who are committed to creating smart hearing solutions that enhance the power to hear.
“We are looking forward to developing the partnership over the coming year.”
Phase 1 will consist of a Scope of Work contract valued at $1.7m, but Nuheara remains tight-lipped as to what exactly is being scoped out.
At present, Nuheara’s audio tech is primarily available in the market as the IQBuds wireless earbuds which allow users to augment their hearing preferences while wirelessly connected to smart devices, retailing around $400 a pair and considered a premium product within the headphones market.
Based in Palo Alto, California, HP produces many different forms of technology which have audio functionalities including computers, phones, tablets, television and speakers. In 2019, the tech giant reported total global revenue of USD $58.75 billion.
Following news of their new collaboration with HP, NUH shares reached a high of $0.066 a rise of 17.8% on their previous $0.056 close.
Nuheara intends to update the market further once significant developments are made or supply agreements are reached.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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