Tech Financing in China this week – Edtech catches on

Our weekly column summarizes tech financing highlights in China.

The education industry welcomed a large financing case this week. On March 20th, 17zuoye, a smart education startup that provides teachers and students with online big data-based mentor and homework analysis solutions, landed USD 250 million in a Series E funding round led by Temasek. The startup will use the capital to upgrade its educational strategy, as well as expand its market influence. As far as we know, youth education is an important sector for parents in China. While consumers mostly demand high-quality products, the services are generally affordable and meet market demands. The education industry will continue to grow in tandem with the population. Besides, this traditional industry will also attract new innovations and technology.

1. On March 19, Hunliji secured USD 65 million in funding for a Series C round led by Orchid Asia. Hunliji is a one-stop wedding planning platform a wide range of wedding services, including photography, planning, and custom invitations, among others.  The capital will be used to recruit more talent and enhance the startup’s use of big data technology to make smart recommendations to customers.

2. On March 19, Infervision, an AI-augmented CT screening provider that uses various types of medical data to create clinically useful and precise products, landed USD 46 million in funding for a Series B+ financing round from a group of investors including Sequoia Capital, Qiming Ventures, and others. The startup plans to use the funds to further invest in R&D, as well as expand its global operations.

3. On March 19, Joyrun grabbed USD 16 million in a Series C financing round led by China Creation Ventures. Joyrun is a sports services startup with mobile-Internet applications. It provides information on social movements and offline running events and provides many services for Chinese runners. Joyrun will use the capital to enlarge its team.

4. On March 20, Lvji, a tourism service provider that offers electric guides, culture creativity building and travel exploration services in scenic areas, landed 19 million in Series B financing from Pufeng Fund and others. Lvji plans to use the funds to expand its tourism services to more countries.

5. On March 21, Baby English secured USD 24 million in a Series B funding round led by Tencent. Baby English is an online education company that specializes in maximizing early childhood education using the Internet. The company plans to use the funding to further invest in improving its content, services, user experience, and so on.

6. On March 21, SEE landed USD 50 million in a Series C financing round led by Sequoia Capital. SEE is a WeChat MiniPrograms-based e-commerce platform that offers support to brands, including data analysis, branding, and marketing. The capital will be used to expand its services to more brands.

7. On March 21, Edianzu, an online computer rental startup that provides IT, office desktop and equipment rental services for small and medium-sized enterprises, received USD 32 million in a Series C financing round led by Source Code Capital. Edianzu will use the funds to make sure its services cover more cities in China.

8. On March 22, CHJ Automotive secured USD 473 million in a Series B funding round led by Matrix Partners China. CHJ Automotive is an EV startup that offers intelligent mobility experiences based on city IoT, and self-driving EVs, among other services. The capital will be used to produce more EVs for Didi in order to boost its online hailing services.

9. On March 22, Xiaodian, a power bank sharing startup that places power bank rental units in its business partners’ stores, received tens of millions of USD in a Series B+ financing round led by GSR Ventures. The capital will be used to deploy more power bank rental units to more cities across China.

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Kaikai Shi

Kaikai Shi writes for us. He holds a bachelor's degree in Biotechnology at Zhejiang University. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process.

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