Chinese IoT firm raises $200m

Chinese IoT firm raises $200m

Business news |
By Nick Flaherty

The company, founded by former executives of e-commerce giant Alibaba, aims to provide artificail intelligence for IoT devices using the Alibaba and Amazon cloud services and be agnostic to the wireless and cloud technologies used for smart devices.

The funding, the first to be made public, comes from Australia’s sovereign wealth fund Future Fund, NEA, CICC Silicon Valley Fund, China Broadband Capital, Quadrille Capital, C.M.Capital and other financial institutions. 

Jerry Wang, founder and CEO of Tuya Smart (above, centre), said the new funding will help Tuya continue to develop technological innovations in AI+IoT and continue to strengthen Smart Home, Smart Business and Smart City features. 

Since its Series B funding in 2017, Tuya Smart’s platform has covered around 200 countries and regions including China, the United States, Europe, the Middle East and ASEAN countries, and its smart products are present in more than 100 countries and regions. Tuya says it has designed smart solutions for almost 11,000 products, reaching tens of millions of consumers. It receives over 20 billion device requests and over 10 million AI interactions every day, and the amount of data accumulated has reached 1PB. 

It has its own data centres in Portland (Oregon, US), Frankfurt (Germany) and at its headquarters in Hangzhou. 

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