Online education provider Xingshuai Teach confirmed that it received RMB 300 million (USD 46 million) in Series B financing on its official website on Wednesday.
The round of financing was led by major Chinese investment bank Guotai Junan Securities, China Mobile, China Minsheng Investment Company and private equity investment company He Capital.
This round of fundraising will be used to develop VR content for online education.
“We will research and develop VR content for teaching so as to provide a better sense of involvement and experience for online learners,” said Xing Shuai, CEO of the platform.
“We are also aiming to build a chain of online education products and K-12 online education might be our next target,” he added.
K-12 education includes all primary and secondary education. According to a report released by Chinese search engine giant Baidu, only 23% of investment in online education is concentrated in K-12 education, which represents a vast market that has yet to be explored. Some notable players in this field include Afanti.com, Sanhao.com, Fancyedu.com, and Knowbox.com.
Founded in Guangzhou in 2008, the platform began as a website for learning Photoshop. It currently offers 300 curricula related to 18 subjects, most in the areas of graphics, images, video, and design. The courses are a combination of interactive video and forum discussions. The platform boasts seven million users and 600 employees to date.
Most of the subjects are taught as crash courses, each of which includes about five ten- minute videos. This helps those who don’t have enough time to register a full semester of intense study to quickly familiarize themselves with software and need-to-know basics.
In 2014, the platform landed USD 30 million in a round of Series A funding from Northern Light Venture Capital and Legend Capital. It’s rumored that the company will launch an IPO this year.
(Top photo from xsteach.com)