According to a recent report, the global Internet of Things (IoT) market is projected to reach $1.46 trillion by 2027, growing at 25% CAGR from $250.7 billion in 2019, driven by the adoption of AI technologies across industries. China’s Tuya (NYSE: TUYA) went public earlier this year and is expanding its market reach through partner integrations.

Tuya’s Financials

For the first quarter of fiscal 2021, Tuya reported revenue of $56.9 million, up 200%. GAAP net loss was $40.5 million, compared to GAAP net loss of $20.6 million a year ago. Non-GAAP net loss per share was $0.09, compared to non-GAAP net loss per share of $0.08 a year ago.

By segment, Tuya reported IoT PaaS revenues of $49.8 million, growing 227%, and SaaS and other revenues of $2.3 million, growing 224%. Smart device distribution revenues grew 58% to $4.8 million.

For the second quarter of fiscal 2021, the company expects revenues of $78 million to $81 million.

Tuya’s Expanding Partnerships

Recently, Tuya announced the expansion of its partnership with SATCO that will provide both companies with new advantages in the North American smart home market. SATCO is a leading supplier of lighting products throughout North America, providing LED lamps, fixtures, and electrical solutions to the industrial, commercial, and residential lighting markets. Its STARFISH brand integrates smart Wi-Fi solutions to products to deliver products that offer convenience, security, wellness, and interconnection to home consumers. The expansion will allow STARFISH to be powered by Tuya’s smart technology and will expand the in-home connectivity of STARFISH products. The partnership will allow SATCO to join Tuya’s ecosystem. Each STARFISH product will feature an integrated Tuya Wi-Fi module and allow user control through mobile devices, voice assistants, and Samsung SmartThings.

Earlier this year, Tuya also announced its integration with Elechomes, a global e-commerce brand of premium smart home appliances owned by Shenzhen Thousandshores. Elechomes is a provider of air purifiers, humidifiers, food dehydrators, and air fryers to the United States, European, and Japanese markets. With the support of Tuya’s development tools, the Elechomes app has been released on Google Play and iOS app stores. The partnership will allow Tuya to expand its presence globally by integrating high-quality, well-designed, and affordable smart home products.

Meanwhile, Tuya’s IoT PaaS continues to thrive. Tuya’s IoT Platform is an AI+IoT platform that helps developers with smart product development, app creation and publishing, remote device management, production, purchase, data analytics, and operations. It provides end-to-end IoT-enabled support across industries. Organizations can reduce their internal R&D costs, improve productivity, and deliver enhanced products by leveraging Tuya’s platform that spans R&D, production, sales, and operations.

As of December 2020, the platform had served over 262,000 registered developers and generated over 122 million daily AI voice interactions and over 84 billion daily cloud requests. It has empowered 252,000 device SKUs, across 220 countries, influencing more than 100,000 online or offline sales channels. Over the last six months, its ecosystem has grown to over 324,000 IoT and software developers who are building solutions using more than 1,000 open APIs.

Prior to going public, Tuya had raised $276.8 million in funding from investors including Dragoneer Investment Group, Hillhouse Capital Group, Canada Pension Plan Investment Board, Tengxun Touzi, Tiger Fund, Global Bridge Capital, Quadrille Capital, New Enterprise Associates, Future Fund, and C.M Capital Advisors. Its last funding round was held in March 2021 when it raised $77.3 million. Tuya went public earlier this year when it was listed on the NYSE under the ticker TUYA at an opening price of $21. It raised $915.4 million through the listing at a valuation of $11.2 billion. Its stock is currently trading at $20.13 with a market cap of $11.6 billion.