Chinese IoT startup Tuya Smart has completed its Series C funding with nearly US$200 million, led by Future Fund, NEA, China Broadband Capital, Quadrille Capital and C.M.Capital. The company will apply the funds to its AI+IoT, Smart City, Smart Business and Smart Home technologies.
Founded in June 2014, Tuya Smart combines AI technologies and IoT, providing one-stop solutions including smart module access, IoT cloud service, and App development for customers, retailers and OEM manufacturers.
Tuya Smart CEO Jerry Wang (王学集) said his company’s goal from the beginning has been to empower businesses with AI. When Tuya closed its series B funding in 2017 the company was already providing smart products to more than 100 countries and regions, and smart services to more than 200 countries and regions. Overall, Tuya provides intelligence solutions for nearly 11,000 smart products.
Wang also said Tuya’s “3SMART” strategy (Smart Home, Smart Business, Smart City) will be the company’s main focus going forward. Over the past three years, massive data from both the customer and business sides has provided a strong foundation for the development of 3SMART. Tuya’s Smart Home focus will leverage household device data. Their Smart Business approach meanwhile uses B-end data collected during the creation of service systems. The company’s Smart City scope includes not only security cameras and sensors, but also the intelligent transformation of traditional industries.
Author: Jessie Geng | Editor: Michael Sarazen