China-based tutoring services provider Squirrel AI Learning has secured tens of millions of dollars in a series C1 round featuring quantitative trading firm Susquehanna International Group (SIG), DealStreetAsia reported on Saturday.
The round was also backed by NGP Capital, the venture capital firm spun off by telecommunications technology firm Nokia, as well as Citic Securities, a subsidiary of investment group Citic, according to a company statement.
Squirrel AI produces artificial intelligence-powered adaptive learning software to offer after-school tutoring services, and said it was already in the process of raising series C2 financing.
The company raised $4.5m in a 2015 seed round backed by Qingsong Fund, ZH Magnetic System and private investor Minhong Yu.
SIG and education services provider New Oriental Education & Technology participated in a $39.7m round closed in 2017 alongside NGP Capital, Cash Capital and Greenwoods Asset.
Squirrel AI subsequently secured $145m in a September 2018 round at a valuation of at least $1bn. Tiantu Capital also lists it among its portfolio companies.
The original version of this article appeared on our sister site, Global University Venturing.
