China-based online education provider Yixue Education has closed a RMB270m ($41m) angel round featuring corporates Susquehanna International Group (SIG), Nokia and New Oriental Education and Technology Group (NOETG), China Money Network reported yesterday.
Technology and trading firm SIG, educational services provider NOETG and communications technology provider Nokia, which invested through its Nokia Growth Partners unit, were joined by Greenwood Investment, according to local media reports.
Yixue uses artificial intelligence (AI) and adaptive learning to provide tailored online educational programs for students aged approximately six to 18.
More than 100 schools in China are using the platform at an estimated cost that is 60% less than the equivalent offline teaching, according to the company.
Yixue brought in $4.5m in seed financing from education and technology company TAL Education Group, NOETG founder Yu Minhong and undisclosed others in 2015, according to China Money Network.
Yixue founder Li Haoyang said: “The ultimate goal of adaptive learning is to let machines play the role of teachers according to students’ learning objects, learning styles, learning behaviours and personal preferences.
“With AI, we can adjust teaching strategies in real time to achieve personalised learning, more efficient than one-to-one teaching with teachers.”