Beijing-based education technology company Aixuexi or iLearning Education Group (formerly Gaosi Education Group) has obtained a strategic series D+ round of financing from internet giant Tencent, the company has announced recently.
The undisclosed funding comes after the company has raised a record breaking $140 million in its Series D round led by Warburg Pincus in April this year, which catapulted it to become a unicorn in the education industry.
The company’s founder, chairman and CEO, Xu Yicheng, has announced that after ten years of development it has become the largest K12 education supply platform in China. Formerly called Gaosi Education Group, the company has recently changed its name to Aixuexi or iLearning Education Group, which it believed is more suited to the company’s vision.
Founded in 2009 and headquartered in Gaosi Education Building, Wudaokou in Haiden district, Beijing, iLearning Education Group is a leading educational and training institution providing both B2B and B2C services via online as well as offline. While Aixuexi’s 2C services cater to students from Kindergarten to 12, its 2B business provides high-quality education resources to schools and institutions. It offers unique courses in STEM for gifted children in primary and middle schools. The company has also set up personalized one-to-one teaching centres, where mathematics competitions are of the featured courses.
iLearning Education Group currently covers more than 1,600 counties and cities in 31 provinces, municipalities and autonomous regions of the country, has more than 10,000 cooperative institutions, and serves more than 16 million students across China.
Through its ‘AI study’ program, iLearning aims to transform the education industry by applying artificial intelligence, big data and cloud processing technology to create an immersive audio-visual experience for students. The company also deploys simultaneously other technical means such as images, speech and semantic recognitions to help teachers better deliver lessons tailored to students’ ability, and help parents understand children’s dynamic.
The company said that the new funds will help improve the efficiency of its teaching resources through the promotion of its AI + education program.
Needless to mention, iLearning is considered very attractive and is estimated to have accumulated over $300 million across five funding rounds from investors such as China Renaissance, Warburg Pincus, CMC Capital Group, AlphaX Partners, and JD Capital.