13 percent stake in Chinese cloud platform Tuya acquired by Temasek-backed 65 Equity Partners

Cloud platform service provider Tuya Inc., based in China, announced that it has reached a final agreement regarding a strategic investment by 65 Equity Partners, which will buy about 13 percent of Tuya’s 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.

With a highly distinct competitive positioning across smart cloud-based software and device solutions, Tuya is the world leader in the smart solution developer ecosystem, according to Karan Saraf of 65 Equity Partners.

“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.

Temasek’s independently run, fully-owned investment platform, 65 Equity Partners, specializes in offering structured capital and equity solutions to well-established businesses in Southeast Asia, Europe, and the US that have regional or international goals.

The company specializes in investing in family-run and entrepreneur-led companies in the technology, business services, consumer, industrial, and healthcare sectors in Southeast Asia, Europe, and the US.

Prior to their eventual listing in Singapore, 65 Equity Partners invests in leading companies and new economy businesses in Southeast Asia. The firm also offers capital solutions to local businesses in Singapore that have essentially sound operations and are well-positioned to grow internationally.

“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.

“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, a global provider of cloud platform services, wants to create an ecosystem of cloud developers and make everything smart.

Platform-as-a-service (PaaS), software-as-a-service (SaaS), and smart solutions for developers of smart devices, commercial applications, and industries are among the solutions offered by the company, which has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities.