China Digest: IoT firm Tuya raises $200m; Navigation startup Wayz.ai secures $80m

Images Of Chinese Yuan Banknotes. Photo: Reuters

Chinese startups Tuya Smart, a provider of IoT solutions, and Wayz.ai, a maker of smart maps for autonomous driving vehicles, have recently secured fresh funding.

Tuya Smart secures $200m for IoT solutions

Hangzhou-based Chinese IoT solutions provider Tuya Smart has raised $200 million in a Series C funding round led by Australian sovereign wealth fund Future Fund, according to a China Money Network report.

The Series C round was also joined by NEA, China Broadband Capital, CICC Global Bridge Capital, Paris-based investment firm Quadrille Capital, and Hong Kong’s CM Capital Advisors, according to the report.

Founded by Jerry Wang, a founding executive of Alibaba’s cloud division AliYun, and a group of veterans from Chinese tech giants Alibaba, Baidu and Haier Electronics, Tuya offers smart home appliances like light bulbs and air conditioners that can be controlled via its cloud platform.

China’s IoT industry exceeded RMB930 billion ($142 million) in output value in 2016, compared to RMB170 billion in 2009. The sector is growing rapidly with a CAGR of over 25 per cent, local authorities said recently.

Smart navigation startup Wayz.ai nabs $80m in Series A

Chinese artificial intelligence and robotics firm Wayz.ai, which provides smart location and mapping services, has raised $80 million in a Series A funding round.

Wayz.ai utilizes artificial intelligence, cameras, and sensors to create smart maps that provide a real-time location of the vehicle and its surroundings. The company said its system covers tens of thousands of positioning scenes, gathering location, time, events, places, and people’s behaviours, among others.

Founded in 2017 by Vincent Tao, former CEO and founding partner of online TV provider PPTV, Wayz.ai has R&D teams in Shanghai, Seattle, and Silicon Valley. It makes maps for autonomous driving vehicles with Level 3 and Level 4 autonomy.

Also Read:

Asia Digest: HYPERLAB receives commercialisation grant; Tuya raises Series B funding

China Digest: Unisound, Qihan Biotech, Madaket Health, Songxiaocai snag funding

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.