Aixuexi Education Group, a China-based digital education provider backed by internet group Tencent, has raised $200m in a series D2 round led by Singaporean sovereign wealth fund GIC, DealStreetAsia reported today.
Private equity fund Warburg Pincus also participated in the round, according to a WeChat post cited by DealStreetAsia. It follows an undisclosed amount of series D-plus funding from Tencent in December 2019.
Founded in 2009 and formerly known as Gaosi Education Group, Aixuexi offers livestreamed online courses in subjects focusing on the science, technology, engineering and mathematics fields.
The funding has been earmarked for research and development as the company looks to enhance its products and services. It is working on smart learning technology with researchers from several domestic universities.
Warburg Pincus led the company’s $140m series D round in April 2019, which followed an $83m series C round in 2017 co-led by AlphaX Partners and China Media Capital and backed by Sinovation Ventures, CICC Capital, Loyal Valley Capital and Hina Group.
Private equity firm JD Capital had led a round for Aixuexi reported by local media to be about $63m in size two years earlier, participating alongside Qianhai Huineng. It came after 5Y Capital had invested $3.75m in 2012, according to DealStreetAsia.
