Hillhouse Capital, China's Tuya set up $400m fund to invest in global IoT sector

Hillhouse Capital, China's Tuya set up $400m fund to invest in global IoT sector

Visuals from Tuya's website.

Asia-focused private equity (PE) firm Hillhouse Capital has teamed up with the New York-listed Chinese software firm Tuya Inc to set up a $400 million fund for investments in the global Internet of Things (IoT) industry, Tuya announced on Monday.