BAI Leads Nearly $28M Series B Round In Chinese Online Children Education Platform

Hexiaoxiang, a Chinese online children quality education platform, has raised RMB200 million (US$27.98 million) in a series B round of financing led by Bertelsmann Asia Investments (BAI), according to a statement released on Monday.

Chinese education and technology company TAL Education Group, as well as returning investors including Vision Plus Capital, Engage Capital, GSR Ventures and Zhizhuo Capital, also participated in this round.

Hexiaoxiang was founded in May 2017 as an online calligraphy education provider for children. Based on an "artificial intelligence (AI) plus education" model, the company now provides children aged three to 12 with online courses covering calligraphy, ancient poetry, writing and reading.

The Hangzhou-based company has more than 1,000 teachers and over two million students in over 270 cities across China, including Beijing, Shanghai, Guangzhou and Hangzhou.

Proceeds of this round will be used for teacher recruitment, teaching research and development, and AI technology upgrade.

The company has raised a series A+ round of financing from Vision Plus Capital, Engage Capital in May 2019 and a series A round from GSR Ventures and Zhizhuo Capital in April 2019. Financial details of the two rounds were not disclosed.