Tiantian Paiche secures USD 80M for online used-car auction services, & more

Used-car online auction platform Tiantian Paiche receives USD 80M for Series C2

Tiantian Paiche

Founder: Wang Weiwei

Founded in: 2015

Financing status: RMB 532 million (USD 80 million) for Series C2 financing in 2017

Used-car online auction platform, Tiantian Paiche, received USD 80 million for Series C2 on October 30 to expand its trading services to more cities in China.

Tiantian Paiche is a used-car online auction platform that connects individual buyers with dealers through its O2O (Online-to-Offline) platform and offers a range of quality services that are revolutionizing the model of traditional car dealership. In order to standardize the used car trading process, the company assigns employees for door to door free testing service, once the testing is done, users’ cars can be auctioned the next day. In this way, it can offer individual buyers with car auction services with high efficiency, as well as support car dealers with more car resources.

Founded in 2015 in Shanghai, Tiantian Paiche’s used-car online auction services are available across China, and more than 40 cities have set up offline trading and service centers. In 2016, the highest monthly trading volume exceeded 10,000. Meanwhile, the trading volume in the first half of 2017 grew about 200%. The company will further expand the scope of services, and the volume of car trading on its platform is expected to reach one million in 2020.

This new financing round was led by Industrial Bank, with Hanfor and other investment institutions participating as investors. Tiantian Paiche’s existing investors include Tencent, SoftBank, Yiche.com and so on. The capital will be used to enhance its business operations and improve customers’ user experience, as well as continue to expand its market share across China.

Photo from 699pic.com

Smart education firm Fclassroom receives USD 15M for Series B

Fclassroom

Founder: Li Kejia

Founded in: 2014

Financing status: RMB 100 million (USD 15 million) for Series B financing in 2017

Smart education firm, Fclassroom, received USD 15 million for Series B on October 30 to optimize its operation of products.

Fclassroom is a smart education firm that aims to help schools manage their assignments and exams on its system, which is based on image recognition and natural language processing technology. Fclassroom’s system can be used to assign homework and collect the traces of marking via image recognition. The data generated in this process can be used to improve teachers’ efficiency and students’ performance. On the one hand, with the help of  recommendation algorithms and smart teaching models, it can help the teachers with daily teaching guidelines, such as job evaluation, curriculum arrangement, and so on. On the other hand, Fclassroom also collects data from other scenes when students are outside schools to help students manage questions and a real-time understanding of their own learning.

Founded in 2014 in Suzhou, Fclassroom currently has a team of more than 300 employees, with 2/3 of the are work on technology. Meanwhile, its services cover 1800 schools in China with over two million students as well as three million parents. In the future, the company will provide one to one online counseling services for the specific situation of students, and through the offline institutions for personalized counseling.

This Series B financing round was led by DHVC, with XVC participating as investor. The capital will be used to optimize the operation of educational products, as well as build AI based educational products for families.

(Top photo from 699pic.com)

Kaikai Shi
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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