Chinese online education platform for children Hexiaoxiang has raised $28 million in a Series B funding round to upgrade its teaching and research product and AI technology.
The latest financing round was led by Sinnovation Ventures, the firm set up by former Google China head Kaifu Lee, Bertelsmann Asia Investment (BAI), and an investment fund under US-listed education company Tomorrow Advancing Life (TAL).
Founded in 2017, Hexiaoxiang provides quality cultural education program for children aged between 3 and 12. With Chinese language at the core of its programs, the company provides online courses such as writing, calligraphy and fine arts, Chinese poem reading, and classic reading, etc. Registered members pay for the courses provided by Hexiaoxiang on its platform.
Hexiaoxiang, which has its headquarters in Hangzhou, the capital city of Chinaâ€™s Zhejiang province, features pre-recorded courses and one-on-one tutoring. With the mission to provide effective and interesting universal education to children, the online learning platform provides interactive educational assistance to children learning to read and write in Mandarin Chinese. It uses AI-powered technologies such as face recognition, voice assessment, intelligent matching, and big data to create individualized courses, aiming to help early-age toddlers and children improve Chinese comprehension and writing ability.
Hexiaoxiang has more than 1000 tutors and claims that it has made a monthly revenue exceeding RMB10 million (US$1.45 million) in the past 15 months. Hope, the latest investment will enable the Chinese online learning platform to fulfil its plans to upgrade teaching and product research and its artificial intelligence technology.