Beacon Education, a leading education technology and services provider based in Beijing and California, has raised $6 million in a Series B financing round led by Redpoint China Ventures.
The latest funding follows last year’s Series A round led by Telescope Investments, according to a press statement provided by the company.
Founded in 2018, Beacon Education is today the largest provider of online degrees in China. It partners with targeted universities around the world to deliver their high-quality educational degrees, programs and resources directly to China. Beacon offers a comprehensive technology and services suite and provides its partners robust applicant marketing, acquisition, and nurturing services, a proprietary teaching and learning solution with synchronous and asynchronous program delivery options, and in-country academic and student support teams all optimized the connection of global educators with Chinese learners.
Beacon Education has so far partnered with more than 15 world-class universities, including Tsinghua University, Duke University, the University of Pennsylvania, Illinois Institute of Technology, Rochester Institute of Technology, Northern Arizona University, and the University of Otago in New Zealand. It currently offers more than 25 graduate and undergraduate degree programs in computer science, artificial intelligence, software engineering, electrical engineering, business, finance, and education.
Expressing the company’s plans to continue to partner with leading global universities to provide international educational resources to students and professionals across China, Michael Wang, Founder and CEO, Beacon Education, said,
“We hope to continue to empower leading global universities with best-in-class technology and services, provide innovative education solutions for domestic students and professionals, and put outstanding international educational resources at their fingertips.”
Michael said the investment from Redpoint China Ventures will enable Beacon to scale its technology and services, serve its growing student numbers, and add university partners to meet the rapidly growing market.
Commenting on the investment, Alex Zhang, Partner at Redpoint China Ventures, said,
“The digitization of higher education is a direction we are optimistic about and Beacon shows strong market demand and growth potential. We are honored to work with the Beacon Education team.”
Michael Wang in his letter on the funding round said advanced degrees in China are both wildly valuable but nearly impossible to get into. According to him, there are more than 400 million working professionals without an advanced degree and each year 4 million new applicants apply for only 1 million spaces.