Shares in Fu Yu Corporation F13 opened 6.6% higher at 13.0 cents, up from its April 3 close of 12.2 cents, after it announced that it has signed a $15 million contract with Singapore kids-tech startup, myFirst Tech Holdings.
Fu Yu will be the exclusive contract manufacturer for myFirst to work on the North American expansion of its kid-safe digital platform. Fu Yu will commence mass production this month.
myFirst, which is the creator of the world’s first kids’ tech ecosystem, has a myFirst Circle app that allows each child to build a unique digital community with trusted family and close friends. The network ensures that children can socialise and share experiences safely through watchphones, cameras, earbuds, 3D pens and headphones. Parents will have classification capabilities and also be able to track a child’s whereabouts.
myFirst’s North American expansion comes after a pre-Series A funding round from Lynx Asia Partners and angel investors.
Depending on myFirst’s requirements, component production can be manufactured across Fu Yu’s six facilities located across Singapore, Malaysia and China.
“myFirst is excited to partner with a fellow Singaporean homegrown company in our global expansion. Every time myFirst has expanded, we have faced a sudden surge in demand. We are globally available but the US is a big market and this partnership has given us the backing to be able to cater to this demand surge,” says G-Jay Yong, co-founder and CEO of myFirst.
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“We are honoured to play such a key role as myFirst embarks on its most significant expansion since its inception. The partnership underscores our ability to meet the high-precision demands for new devices and potential product ramp-ups. Over the past year, Fu Yu has been tirelessly evolving, developing new new product introduction (NPI) capabilities to provide early-stage engagement and enhancing our capabilities with cutting-edge manufacturing techniques,” says David Seow, group CEO and executive director of Fu Yu.
“Our business transformation led to us being appointed as myFirst’s exclusive contract manufacturer, marking our inaugural venture into box-building manufacturing of Internet of Things (IoT) enabled smart devices. We are now well-poised to meet the advanced manufacturing requirements of our customers, and will continue to build upon our strong record and maintain a healthy project pipeline,” he adds.
As at 10.27am, shares in Fu Yu are trading 0.6 cents higher or 4.92% up at 12.8 cents.
