China’s Internet of Things company Tuya Smart IPOs
Business & Technology
The Internet of Things (IoT) includes everything from roads that sense weather conditions to fridges that order replacement food items automatically. Investors are betting on a big future for the technology and welcomed Chinese IoT firm Tuya Smart’s IPO.
A leading Chinese IoT company, Tuya Smart, went public on the New York Stock Exchange on Thursday and raised $915 million, which became the first IPO in the IoT industry, according to Bloomberg.
- Founded in 2014, Tuya earned $179.9 million revenues in 2020, had total assets of $267.3 million, and now has more than 5,000 customers across more than 220 countries and regions, according to its SEC filing.
- The company’s principal shareholders include American venture capital NEA and Chinese tech giant Tencent. Tencent alone had already invested $250 million pre-IPO, according to 36Kr (in Chinese).
IoT building is among one of the top government priorities, which includes 5G, as part of the country’s plan to build new infrastructure, and enjoys the government’s resource and financial support.
- IoT, Internet of Things, is technology that connects physical objects, and can be applied to smart homes, wearables, smart cities, and connected cars, etc.
- In the U.S., Amazon is considered the largest IoT provider, whose most widely used product is Alexa. Verizon, Microsoft, AT&T, IBM, Cisco, Google, Oracle, and Intel are also in the game, according to manufacturing information website Thomas.
- Tuya’s software connects digital devices such as lights, kitchen appliances, and cleaning robots, according to the company’s website.
- Domestic competitors include tech giants like Baidu, Alibaba, and Tencent, as well as telecommunication operators China Mobile and China Telecom.
