Beijing-based Chinese children’s graded on-line reading platform Koala Reading has raised a US$20 million series B round led by GGV Capital and XVC Venture Capital, according to the company’s announcement.
CMC Capital Partners and existing investor Qiming Venture Partners also participated in this round.
Founded in 2016, Koala Reading proposes the concept of “Chinese graded reading for children” based on advanced algorithm. So the Chinese text is quantified according to the difficulty level, and matches the different reading ability of the students, thereby providing personalized reading content and language learning solutions.
The proceeds of this round will be used for the optimization and upgrade of the "Chinese Graded Reading System ER Framework" originated by the company, the production aggregation of high-quality reading content and the expansion of the market scale.
Koala Reading was created by a top-notch team of scientists. Ren Yi, co-founder of the company graduated from Peking University with a focus on data mining. He once worked at IBM Waston for Life Service and Microsoft Research Asia. Zhao Junbo, Chief Data Scientist Consultant, was previously engaged in research work in Facebook. Wei Jiuqiao, Chief Reading Assessment Scientist, graduated from Peking University and the National University of Singapore with a major in applied linguistics, according to the introduction by Zhao Zichun, CEO of Koala Reading.
“After completing this round of financing, Koala will continue to increase investment in technology and research, and promote further cooperation with research institutions such as universities. On the other hand, we will continue to increase market input and promote secondary school market to maintain the company’s absolute leading position in the Chinese graded reading field,” Zhao said.
"GGV has always been very optimistic about using technology to subvert education, hoping to apply technology, tools and data to provide personalized content and learning services to a large number of Chinese students and users. GGV believes that Koala products can be used to incite huge user learning habits, create a new model of AI + Education in China and depth of learning algorithms," said Li Hongwei, Management Partner GGV Capital.
Previously, Koala Reading raised a nearly US$10 million series A round from GGV Capital and Qiming Venture Partners and a RMB30 million (US$4 million) series Pre-A round led by Zero2IPO Ventures in 2017.