Tuya, which provides an IoT cloud platform for smart devices, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Tuya provides an IoT cloud platform with a full suite of offerings, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS), to businesses and developers. Through its platform, the company enables developers to activate an IoT ecosystem of brands, OEMs, partners, and end users to engage and communicate through a broad range of smart devices.
The Hangzhou, China-based company was founded in 2014 and booked $180 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE but has not selected a symbol yet (RC ticker: TUYA.RC). Morgan Stanley, BofA Securities, and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.
