China-based online children’s education platform Hexiaoxiang has collected RMB200m ($27.9m) in a series B round featuring Bertelsmann Asia Investments, a corporate venturing vehicle for media group Bertelsmann.
TAL Education also took part, through its Good Future Education Industry Fund, as did venture capital firms Sinovation Ventures, Vision Plus Capital and GSR Ventures, and VC funds Engage Capital and Zhizhuo Capital.
Founded in 2017, Hexiaoxiang runs an artificial intelligence-powered online education platform for children aged three to 12 years old that specialises in calligraphy, ancient poetry, writing and reading: all topics associated with China’s linguistic tradition.
The sevice offers both prerecorded educational content and one-on-one tutoring with one of its 1,000-strong network of teachers. Children can also access an interactive peer-to-peer learning facility with a cartoon-like interface.
Hexiaoxiang will use cash from the series B round to fund research and development, add more tutors to its platform and upgrade its underlying technology. Its average monthly turnover was about $1.4m over the past 15 months, according to KrAsia.
Vision Plus Capital combined with Engage Capital to supply an undisclosed amount of series A-plus funding for Hexiaoxiang in May 2019, the month after GSR Ventures and Zhizhuo Capital put up an undisclosed amount for its series A round, China Money Network reported.