SANTA CLARA, Calif. ,
Nov. 18,
2024 /PRNewswire/ -- Tuya Inc. ("Tuya") (NYSE: TUYA;
HKEX: 2391), a global leading cloud platform service provider,
today announced that a definitive agreement has been entered into
in respect of a strategic investment by 65 Equity Partners through
its purchase of an approximate 13% of Tuya's total issued shares
from New Enterprise Associates ("NEA").
65 Equity Partners is an independently managed wholly-owned
investment platform of Temasek dedicated to supporting founders in
their growth journey. The firm focuses on investing in family-owned
and entrepreneur-led businesses in Southeast Asia, Europe and the
United States across the technology, business services,
consumer, industrials and healthcare sectors.
Tan Chong Lee, CEO of 65 Equity
Partners said: "This investment via the Anchor Fund aligns
strategically with our mandate of supporting high quality
businesses seeking a listing on the SGX. We are pleased to support
Tuya in its next phase of growth." Karan
Saraf of 65 Equity Partners added: "Tuya is the global
leader in the smart solution developer ecosystem, with a highly
differentiated competitive positioning across smart cloud-based
software and device solutions. We are thrilled to be part of Tuya's
exciting journey where its strong leadership, brand and ethos of
innovation have attracted a highly diverse global customer
base."
Jerry Wang, Founder and CEO of
Tuya, stated: "We are delighted to welcome 65 Equity
Partners as a significant shareholder of Tuya. This investment
reflects their confidence in our vision to capture growing
international markets as the key enabler of global AIoT,
intelligent devices, commercial and industry applications, by
empowering over one million developers worldwide with our unique
cloud platform. The Asia-Pacific
region, particularly Southeast Asia, represents an enormous
opportunity for us as it is a fast-growing emerging market. We
believe the investment from 65 Equity Partners aligns seamlessly
with our international expansion strategy and offers possibilities
for a future additional listing on the SGX, which will further
enhance Tuya's presence in the global capital markets. We also
deeply appreciate NEA's support throughout our journey and value
their continued role as an important shareholder of Tuya."
"NEA is proud to have been a key stakeholder in Tuya since its
founding in 2014", said Carmen
Chang, Partner and Head of Asia at NEA. "We are pleased to remain a
significant shareholder as the company continues to execute on its
strategic priorities."
For more information, visit the Tuya Investor Relations
website.
About New Enterprise Associates (NEA)
New Enterprise Associates, Inc. (NEA) is a global venture
capital firm focused on helping entrepreneurs build
transformational businesses across multiple stages, sectors and
geographies. Founded in 1977, NEA has more than US$25 billion
in assets under management as of June 30,
2024 and invests in technology and healthcare companies at
all stages in a company's lifecycle, from seed stage through IPO.
The firm's long track record of investing includes more than 280
portfolio company IPOs and more than 465 mergers and acquisitions.
For more information, please visit www.nea.com
About 65 Equity Partners
65 Equity Partners is an independently managed wholly-owned
investment platform of Temasek which focuses on providing equity
and structured capital solutions to established companies with
regional or global aspirations in Southeast Asia, Europe and the
United States. In Southeast
Asia, 65 Equity Partners invests in leading companies and
new economy businesses, ahead of their eventual listing in
Singapore, and provides capital
solutions to Singapore based local
enterprises with fundamentally sound businesses that are
well-positioned to scale globally. For more information, please
visit www.65equitypartners.com
About Tuya
Tuya Inc. (NYSE: TUYA;
HKEX: 2391) is a global leading cloud platform service provider
with a mission to build a cloud developer ecosystem and enable
everything to be smart. Tuya has pioneered a purpose-built cloud
developer platform with cloud and generative AI capabilities that
delivers a full suite of offerings, including
Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and
smart solutions for developers of smart device, commercial
applications, and industries. Through its cloud developer platform,
Tuya has activated a vibrant global developer community of brands,
OEMs, AI agents, system integrators and independent software
vendors to collectively strive for smart solutions ecosystem
embodying the principles of green and low-carbon, security, high
efficiency, agility, and openness. For more information, please
visit https://ir.tuya.com/overview/default.aspx
Disclosure Information
Tuya uses
the https://ir.tuya.com/overview/default.aspx website as
a means of disclosing material non-public information and for
complying with its disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about Tuya's
beliefs, and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may", "will", "expect",
"anticipate", "target", "aim", "estimate", "intend", "plan",
"believe", "potential", "continue", "is/are likely to" or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in Tuya's filings with
the SEC. The forward-looking statements included in this press
release are only made as of the date hereof, and Tuya disclaims any
obligation to publicly update any forward-looking statement to
reflect subsequent events or circumstances, except as required by
law. All forward-looking statements should be evaluated with the
understanding of their inherent uncertainty.
Investor Relations Contact
Tuya Inc.
Investor Relations Email: ir@tuya.com
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SOURCE Tuya Inc.