AI based online education startup Yuanfudao receives USD 120 M financing
Founder: Li Yong
Founded in: 2012
Financing status: RMB 821 million (USD 120 million) financing in 2017
AI based online education startup Yuanfudao on Wednesday landed USD 120 M financing to recruit more teachers and to make profits through its new business model of live streaming tutoring sessions.
Yuanfudao is an online education startup that mainly targets China’s middle school and high school students. Its tutoring app connects students with tutors based on artificial intelligence and big data technology, so that tutors and students can be better matched. Tutors can teach and communicate with students online based on its app.
Students can choose one-on-one tutoring or join a group to take classes with other students. Some tutors teach a series of classes, and the charges depend on the number of students and lectures. Other tutors charge hourly fees by teaching separate courses on its platform.
Founded in 2012 in Beijing, it has more than 160 million users with 1 million paying for classes.
It previously received investment funding from Tencent, IDG, and some other famous venture capital fundings. This financing round was led by Warburg Pincus, and Tencent also participated as an investor. The capital will be used to recruit more teachers, and increase its investment on live streaming technology to improve its teaching methods.
Electric bike-sharing startup E-Bike receives USD 2.9 million for pre-Series A
Founder: Cao Gaoming
Founded in: 2016
Financing status: RMB 20 million (USD 2.9 million) pre-Series A financing round in 2017
Electric bike-sharing startup E-Bike on Thursday received USD 2.9 million for its pre-Series A to improve user experience of its electric bikes and mobile app.
E-Bike is an electric bike-sharing startup that mainly places its electric bikes on university campuses to meet students’ demand for the “last mile problem”.
Before users rent its electric bikes, E-Bike requires users to download its app in advance and submit identity card information to finish the registration. On average, this registration process can be done within 20 seconds. Then, users can search for available electric bikes nearby through its app based on where and how far away the bikes are located. Once a bike is found, the user can unlock the electric bike by scanning the QR code or by manually keying in the registration number of the electric bike on its app. It charges RMB 3 per hour with a guarantee deposit of RMB 199.
Users can rent its electric bikes for trips within 15 kilometers, and can also check the remaining mileage of the bikes they rented on its app. In addition, the app will remind users during the trip if the mileage is about to run out, and can help users make travel plans in advance.
Founded in 2016 in Wuxi, E-Bike has placed more than 600 electric bikes in 5 university campuses in Jiangsu and Shanghai. Over 100,000 users have rented its electric bikes.
This pre-Series A financing round was from Changsheng, and E-Bike plans to use the capital to place more bikes in new university campuses, as well as improving user experience.
(Top photo from 58pic.com)