China-based education management software developer Xiaoyang Edu has raised RMB150m ($22.3m) in a series B round co-led by educational services provider New Oriental Education & Technology Group.
The round was co-led by China Growth Capital and included participation from fellow venture capital firms Yunqi Partners and Ameba Capital, while New Oriental invested both directly and through a separate investment vehicle.
Founded in 2016, Xiaoyang Edu provides a cloud platform that helps more than 1,600 primary and secondary schools create and manage online timetables. It has also developed a cloud-based service designed to simplify the process of managing an educational institution.
In addition to upgrading its product, Xiaoyang Edu will use the series B capital for strategic hires and research and development, as it looks to upgrade its technology.
The company raised an eight-figure amount of renminbi in a 2017 series A-plus round led by Yunqi Capital that included Ameba Capital and undisclosed other investors.
Photo courtesy of Xiaoyang Edu.