Tuya Smart and Denver A/S Announces Partnership to Boost Smart Home Adoptions in Europe

NEW YORK, June 21, 2022 /PRNewswire/ -- Tuya Smart (NYSE: TUYA), a leading global IoT development platform service provider, and Denver A/S, a leading European consumer electronics distributor, today announced a strategic partnership to jointly develop and promote smart home products in Europe.

The partnership aims to provide consumers with more comprehensive and targeted smart home solutions and to meet the increasing trends of connected homes in Europe. The two companies will work together to promote a wide range of smart home products, including smart home & security products and various other electronics. All of these products can be linked and controlled by one single mobile app developed by the Tuya platform.

Denver is a prominent European consumer electronics distributor with over 400 products in its portfolio. Founded in 1990, Denver has worked with top retailers across Europe and sold almost three million products in 2021. Noticing the trend of increasing interest and demand for intelligent solutions, the company is now turning its focus to digitalization and smartization, and Tuya is the perfect partner for this journey.

Tuya has been instrumental in helping Denver expanding its smart home segment. Most of Denver's suppliers were offering Powered by Tuya products, and Denver already had a wide range of Tuya products in stock before the collaboration. For Denver, Tuya opens doors to a vast variety of quality products and suppliers. With registered developers from over 200 countries and regions and over 2,200 product categories on the Tuya platform, collaborating with Tuya means joining an ecosystem of abundant resources. Currently, Denver has over 40 products powered by Tuya and is expecting to increase the number to over 100 in the near future.

"Denver A/S comes with its smart home portfolio at the right time. Increasingly user-friendly technology, interoperability and improved connectivity will accelerate the adoption of such devices in Denmark. The launch of the Denver Smart Home portfolio is the initial phase of proof of our sincerity and commitment to deliver relevant IoT products, with the latest technology. All of these could only come to fruition due to Tuya's support. Connected with the IT Smart application, developed in collaboration with Tuya Smart, all Denver Smart Home devices become a suite of products that can be controlled easily through one application, making it an integrated product ecosystem," said Torben Balmer, CEO of Denver A/S.

"We are excited with the progress we have made with our partnership with Denver," said Eva Na, Vice President of Marketing and Strategic Cooperation and CMO of Tuya Smart. "This strategic alliance provides Tuya with a vast European market reach through Denver's established channels and customer base. Denver's focus on smart home appliances and consumer electronics is a perfect match with Tuya's IoT platform capabilities. Together we will provide European users with an easy-to-use, one-stop solution for all of their smart home needs."

The partnership between Tuya and Denver is a strategic move that will not only benefit both companies and their customers but also boost IoT adoption in the EU markets. Tuya's leading position in the IoT market, combined with Denver's vast experience in consumer electronics, makes for a strong partnership to meet the increasing market demand and bring IoT solutions to millions of homes across Europe.

About Tuya Smart

Tuya Smart (NYSE: TUYA) is a leading technology company focused on making our lives smarter. Tuya does this through offering a cloud platform that connects a range of devices via the IoT. By building interconnectivity standards, Tuya bridges the intelligent needs of brands, OEMs, developers, and retail chains across a broad range of smart devices and industries. Tuya solutions empower partners and customers by improving the value of their products while making consumers' lives more convenient through the application of technology. Through its growing commercial SaaS business, Tuya offers intelligent business solutions for a wide range of verticals. The Company's platform is backed by industry-leading technology complete with rigorous data protection and security. Tuya partners with leading Fortune 500 companies from around the world to make things smarter, including Philips, Schneider Electric, Lenovo and many others.

About Denver

Denver A/S buys and sells consumer electronics and has worked with top European retailers since 1990. We offer one of the world's largest single mass-market consumer electronics product portfolio with over 400 products. In 2021 Denver sold almost three million products and had a turnover of 70 million Euros.

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