SINGAPORE, April 3, 2024 /PRNewswire/ — TDConnex, a leading global precision manufacturing business, announced today that it has become an independent, Singapore-based company following its acquisition by Novo Tellus and 65 Equity Partners.

TDConnex, which provides cutting-edge engineering and manufacturing services to global technology leaders in the USA and Europe, was previously incubated as a division of the Tongda Group (“TDG”), a Hong-Kong based diversified conglomerate listed on the Stock Exchange of Hong Kong.  Today, a group led by Novo Tellus and 65 Equity Partners completed the acquisition of 100% of the business from TDG, marking TDConnex’s emergence as a newly independent global company, with independent operations, significant global scale, profitability, a highly liquid balance sheet, and a strong set of global leaders as customers.

“Today, TDConnex already operates at the frontier of the global precision manufacturing industry” said Keith Toh, Partner at Novo Tellus and Chairman of TDConnex, “and as the global technology industry demands billions of ever-smaller, lighter, and more intelligent products, TDConnex is well-positioned to help technology leaders create and deliver technology products that can touch almost every aspect of the digital consumer and enterprise experience.”  Loke Wai San, Managing Partner and Co-Founder of Novo Tellus added, “we’re proud of the energetic partnership we’ve built with TDConnex, culminating in this landmark investment in the business as it fledges into independent global operations.”

Tan Chong Lee, CEO of 65 Equity Partners said: “65 Equity Partners is pleased to be backing Singapore-headquartered TDConnex and its management team in its continued pursuit of manufacturing excellence to serve global technology leaders. We look forward to working alongside Novo Tellus to support TDConnex as it continues to grow on a global scale.” Karan Saraf, Principal of 65 Equity Partners and a Director of TDConnex added: “we are excited to work with the management of TDConnex to accelerate growth through innovation and collaboration.”

CEO of TDConnex, Thanga Venkatachalam concluded: “today marks a historic milestone for TDConnex.  The management team and employees of TDConnex are deeply thankful to the Tongda Group for their sponsorship and their various contributions to our business since its founding.  We also acknowledge with heartfelt thanks our esteemed customers, for their close partnership and long-term support for TDConnex as we have grown over the years.

We are excited to partner with Novo Tellus and 65 Equity Partners as we grow into the next chapter of our global trajectory.  We appreciate the deep sectoral expertise in manufacturing in our investor group, and our common focus on creating meaningful growth by partnering closely with technology leaders, investing in advanced capabilities, and building deeply trusted relationships throughout the technology industry.  With this historic step, TDConnex is proud to establish itself as a next-generation manufacturing partner for the global supply chain, with the right capabilities, right geographies, and some of the world’s pre-eminent technology innovators as customers.”

About TDConnex

TDConnex provides manufacturing for tomorrow’s supply chain. The company is deeply committed to helping global technology leaders create and deliver the products that change the way the world lives and works. Today, our leading-edge, micro-precision components can be found in over a billion technology products worldwide, and we are focused on helping customers create the next generation of more sustainable, more advanced electronic products for the future.

SANTA CLARA, Calif. , Nov. 18, 2024 /PRNewswire/ — Tuya Inc. (“Tuya”) (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced that a definitive agreement has been entered into in respect of a strategic investment by 65 Equity Partners through its purchase of an approximate 13% of Tuya’s total issued shares from New Enterprise Associates (“NEA”).

65 Equity Partners is an independently managed wholly-owned investment platform of Temasek dedicated to supporting founders in their growth journey. The firm focuses on investing in family-owned and entrepreneur-led businesses in Southeast Asia, Europe and the United States across the technology, business services, consumer, industrials and healthcare sectors.

Tan Chong Lee, CEO of 65 Equity Partners said: “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.” Karan Saraf of 65 Equity Partners added: “Tuya is the global leader in the smart solution developer ecosystem, with a highly differentiated competitive positioning across smart cloud-based software and device solutions. 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.”

Jerry Wang, Founder and CEO of Tuya, stated: “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 AIoT, intelligent devices, commercial and industry applications, by empowering over one million developers worldwide with our unique cloud platform. The Asia-Pacific region, particularly Southeast Asia, represents an enormous opportunity for us as it is a fast-growing emerging market. 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.”

“NEA is proud to have been a key stakeholder in Tuya since its founding in 2014”, said Carmen Chang, Partner and Head of Asia at NEA. “We are pleased to remain a significant shareholder as the company continues to execute on its strategic priorities.”

For more information, visit the Tuya Investor Relations website.

About New Enterprise Associates (NEA)

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. Founded in 1977, NEA has more than US$25 billion in assets under management as of June 30, 2024 and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of investing includes more than 280 portfolio company IPOs and more than 465 mergers and acquisitions. For more information, please visit www.nea.com

About 65 Equity Partners

65 Equity Partners is an independently managed wholly-owned investment platform of Temasek which focuses on providing equity and structured capital solutions to established companies with regional or global aspirations in Southeast Asia, Europe and the United States. In Southeast Asia, 65 Equity Partners invests in leading companies and new economy businesses, ahead of their eventual listing in Singapore, and provides capital solutions to Singapore based local enterprises with fundamentally sound businesses that are well-positioned to scale globally.

About Tuya

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading cloud platform service provider with a mission to build a cloud developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its cloud developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness. For more information, please visit https://ir.tuya.com/overview/default.aspx

Disclosure Information

Tuya uses the https://ir.tuya.com/overview/default.aspx website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Tuya’s beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in Tuya’s filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and Tuya disclaims any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

Investor Relations Contact 

Tuya Inc.
Investor Relations Email: ir@tuya.com 

SOURCE Tuya Inc.