Education services provider New Oriental Education & Technology Group and its New Oriental Industrial Fund led a series B round of undisclosed size for China-based mathematics education platform VIPThink today.
The company raised hundreds of millions of renminbi (RMB100m = $14m) in the round, which included audio network operator Ximalaya FM and venture capital firms DCM Ventures and Sinovation Ventures.
Founded in 2016, VIPThink has built an online platform that helps children learns maths by training their brains to think mathematically. It has also created an animated show that ties in with its core product.
The funding will go toward product development, as the company seeks to enhance its teaching and research capabilities.
The round is the fifth to be closed by VIPThink, it said. Those include a $3m pre-series A round in March 2018, and a $15m series A in January this year that was led by Sinovation Ventures and backed by DCM.
Sinovation Ventures and social game producer Happy Elements were the participants in the pre-series A round according to China Money Network, the former having reportedly supplied an undisclosed amount of seed capital for the company in June 2017.
