China-based educational robot builder Roborobo Education has been acquired by commercial printing company Beijing Shengtong Printing Co for RMB430m ($62m), China Money Network reported yesterday, citing a regulatory filing.
The sale provides an exit to private education services provider New Oriental Education & Technology Group, which invested $10m in the company in April 2015, and angel investment fund Zhen Fund, which provided $1.6m in 2014.
Beijing Shengtong Printing is acquiring RoboRobo Education for RMB30m in cash and RMB400m in new shares.
Roborobo Education provides study materials that teach children how to build robots. Its courses and tools are currently offered in 16 schools across cities including Beijing, Shanghai, Guangzhou, Shenzhen and Nanjing.
RoboRobo Education started in 2012 in Beijing as the general agent in China for South Korea-based educational robot courses and tools developer Roborobo, which was founded in 2000.