CMC Capital Partners and Wu Capital have jointly led a series C round in Liulishuo worth nearly US$100 million, a Shanghai-based English language learning platform.
Existing investors Trustbridge Partners, IDG Capital, GGV Capital, Cherubic Ventures and Hearst Ventures also participated in the round, according to a company announcement.
"AI technology has developed significantly, and has changed the business model of many industries. It is an important connection between human and content," said Li Ruigang, founder and chairman at CMC Capital. "Liulishuo has applied AI into the education industry to improve efficiency. The cooperation with Liulishuo is CMC Capital’s exploration in connecting education and entertainment content empowered by AI."
Founded in 2012, Liulishuo operates English language learning mobile apps. The product evaluates users’ pronunciation and provides feedback to users to improve their speaking skills. The company claims that it has the largest English speech database in China, and can help people improve their English speaking skills rapidly.
The company has more than 45 million registered users and almost 600,000 paid users as of July, according to the announcement.
Liulishuo previously raised a series B round worth tens of millions of U.S. dollars in 2015 from Hearst, GGV and IDG. Two years prior, it received millions of U.S. dollars from GGV and IDG. The firm plans to use the latest proceeds to hire more AI talent, and develop more AI-based products and services.