Tuya Smart raises US$200 million to develop AI for IoT

Tuya Smart, a China based IoT company, has raised US$200 million in its third round of funding. The company was founded by former executives of e-commerce giant Alibaba.

Tuya Smart aims to provide artificial 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 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, 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.”

According to Tuya it has, to date, designed smart solutions for almost 11,000 products.

Since its previous funding round 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 operates data centres in Portland (US), Frankfurt (Germany) and at its headquarters in Hangzhou.

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