Chinese education technology company Xiaoyang Edu announced on Thursday that it has raised RMB150 million (US$22 million) in a series B round of financing led by early-stage venture capital firm China Growth Capital, private educational services provider New Oriental Education & Technology Group and its investment vehicle.
Returning investors Yunqi Partners and Ameba Capital also participated in this round, according to an announcement posted on Xiaoyang Edu’s official website.
Xiaoyang Edu, fully known as Beijing Xiaoyang Education Technology Co Ltd, was founded in May 2016 to provide integrated solutions for Chinese primary and secondary educational institutions to construct big data-enabled online intelligent education systems. The company focuses on the K12 education, which refers to education from kindergarten to the 12th grade, with its products including an online timetable arrangement platform "one student, one class schedule."
The company also developed a one-stop education cloud service solution "AI Box," and "Wisdom Campus," which helps local education bureaus, schools and teachers simplify the education management. The company serves more than 1,600 schools in Beijing, Tianjin, Sichuan, Shandong and Guangdong as of March 2019.
With the gradual promotion of the Chinese college entrance examination reform, the demand for informatization and intelligent management of public secondary schools is increasing," said Wu Haiyan, managing partner of China Growth Capital.
Proceeds of this round will be used for technology research and development, talent recruitment, product upgrade, and improvement of user experience.
The Beijing-based company raised tens of millions of yuan in series A+ round led by Yunqi Partners with participation from Ameba Capital and other institutions in 2017.