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.