China-based private education services group New Oriental Education and Technology plans to form a RMB2bn ($304m) fund to invest in startups, China Money Network reported today, citing local media reports.
The early-stage fund will be created alongside a $1.52bn fund that will focus on growth-stage investments and merger and acquisition deals. Both vehicles will concentrate on companies in the education sector and will seek out opportunities across the globe.
The corporate intends to leverage its resources to help scale portfolio businesses, and is particularly keen on companies that exploit artificial intelligence to generate new education technologies and services.
New Oriental Education and Technology was founded in 1993 and provides a range of services ranging from primary and secondary school education to language training and consulting services for students interested in studying abroad.
Companies that have received funding from New Oriental include cross-border e-commerce platform Yamibuy, children’s fiction provider Kaishuo Jianggushi and educational robot producer Roborobo Education, which was acquired by Beijing Shengtong Printing for $62m in November 2016.