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[Funding Alert] MyFirst and FU Yu deal to Expands the North American Kids Tech Market at $11 Million

Singapore's kids-tech firm myFirst Tech Holdings Pte Ltd (myFirst) has selected Fu Yu Corporation Limited (Fu Yu) to support a significant North American development of its kid-safe digital platform, listed on the SGX Mainboard, as its exclusive contract manufacturer.

Singapore’s kids-tech firm myFirst Tech Holdings Pte Ltd (myFirst) has selected Fu Yu Corporation Limited (Fu Yu) to support a significant North American development of its kid-safe digital platform, listed on the SGX Mainboard, as its exclusive contract manufacturer.

The two domestic businesses announced in a statement on Thursday that they had agreed to pay Fu Yu SGD 15 million ($11.1 million) so that he could start producing in large quantities this month.

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The announcement claims that myFirst is going to grow from 4,000 to over 20,000 sites in North America, including well-known stores like Walmart, Costco, and Best Buy, after receiving money in a Pre-Series A round from Lynx Asia Partners and angel investors.

According to myFirst, the US has 46.6 million children under the age of 12, so it is in a good position to address the growing need for kid-safe technologies.

It should be mentioned that in 2022, IT entrepreneurs and executives from businesses including PatSnap, Google, Rainforest, TNB Aura, and Zopim made investments in the company, which is currently active in 40 countries.

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The statement claims that since many kids begin using social media before the age of five and almost one in five kids under the age of twelve own a smartphone, parents and educators are becoming more conscious of the significance of social media safety.

These technologies present new avenues for learning and growth, but they also come with a lot of privacy, inappropriate content, and safety issues.

According to MyFirst, the company closes this gap by providing a distinctive ecosystem of kid-focused technology products that combines the tangible interaction of hardware with age-appropriate real-world technology, providing a comprehensive experience that satisfies both a child’s curiosity and a parent’s educational objectives.

The collaboration, according to David Seow, Group Chief Executive Officer and Executive Director of Fu Yu, highlights the company’s capacity to satisfy the highly exacting requirements for new products and prospective product ramp-ups.

“Over the past year, Fu Yu has been tirelessly evolving, developing new NPI capabilities to provide early-stage engagement and enhancing our capabilities with cutting-edge manufacturing techniques,” he said.

He added that the company’s business change resulted in their appointment as myFirst’s sole contract manufacturer, which was their first foray into the box-building production of smart devices with Internet of Things (IoT) capabilities.

About MyFirst

MyFirst is the ideal tech ecosystem for kids. It also has myFirst Circle, a kids’ social network created especially to keep kids, their friends, and the family connected. Smartwatches, cameras, headphones, and smart sketch boards are among the gadgets. With entertaining gadgets, secure apps, and linked services.

About FU Yu

Fu Yu Corporation, sometimes referred to as Fu Yu, FYC, or the Group, offers vertically integrated services for the creation of precision molds and dies as well as the production of precision plastic components.

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