Chinese Internet of Things (IoT) solutions provider, Tuya Smart, has raised $200m in a series C round, China Money Network has reported.
Founded in 2014, Tuya Smart is a global IoT and voice artificial intelligence (AI) interactive platform, aimed at making home appliances smarter. It provides users with a one-stop AI IoT solution that covers app software, cloud services and hardware access, in addition to providing app management and data analysis services.
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The report noted that Future Fund, NEA, China Broadband Capital, CICC Global Bridge Capital, Quadrille Capital and Hong Kong’s C.M.Capital Advisors all participated in the round.
"We are confident in Tuya Smart because only as little as 5% of home appliances are smart, which means the smart home appliances market has huge potential," said China Broadband Capital, one of the investors. "Also, Tuya Smart has a matured business model and ability to act fast, which is rare among AI startups."
Tuya Smart provides solutions across all major home appliances including electrical equipment, lighting products, security products, major and small appliances, and serves more than 10,000 clients. It has connected products in more than 200 countries and regions including APAC, the US and Europe.