Tuya Inc., a China-based cloud platform service provider, has on Monday 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 percent of Tuya’s total issued shares from New Enterprise Associates (NEA).

“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,” 65 Equity Partners Chief Executive Officer Tan Chong Lee said in a statement.

Karan Saraf of 65 Equity Partners added that 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,” he added.

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.

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.

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.

“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 artificial intelligence of things (AIoT), intelligent devices, commercial and industry applications, by empowering over one million developers worldwide with our unique cloud platform,” said Jerry Wang, Founder and Chief Executive Officer of Tuya.

According to him, the Asia-Pacific region, particularly Southeast Asia, represents an enormous opportunity for them 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,” he added.

Tuya is a global cloud platform service provider aims to build a cloud developer ecosystem and enable everything to be smart.

The firm 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 (PaaS), software-as-a-service (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, original equipment manufacturers (OEMs), artificial intelligence (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.

“NEA is proud to have been a key stakeholder in Tuya since its founding in 2014,

“”We are pleased to remain a significant shareholder as the company continues to execute on its strategic priorities,” said Carmen Chang, Partner and Head of Asia at NEA.

NEA is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies.

Founded in 1977, the firm has more than $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 initial public offering (IPO).

The firm’s long track record of investing includes more than 280 portfolio company IPOs and more than 465 mergers and acquisitions.

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