GIC leads $200m funding in Chinese edtech platform Aixuexi

Aixuexi Education

Chinese technology-enabled K12 institute Aixuexi Education Group, announced on Thursday that it has pocketed around $200 million in a Series D2 funding led by Singapore’s sovereign wealth fund GIC with participation from returning investor Warburg Pincus.

The corpus brings the total external capital raised by Aixuexi in its Series D round to over $300 million, the institute said on WeChat. Warburg Pincus had seeded $140 million in its Series D round in April 2019, followed by Tencent, which made an undisclosed strategic investment in its Series D+ round late last year.

The fresh funding will be used for innovations in technology, scientific research, products, and services, the company said.

Beijing-based Aixuexi, which started out in 2009 as Gaosi Education Group, operates in the primary to high school segment offering unique courses in the STEM (Science, Technology, Engineering, Arts, Maths) field. Aixuexi has covered 31 regions and has over 250,000 students in China. Besides, it claims to have served over 20,000 education players this year, as of November 2020, a 100 per cent year-on-year growth.

Aixuexi has set up an AI lab with specialists from top Chinese universities such as Tsinghua University, Peking University, and Chinese Academy of Science, in a bid to develop smart learning.

In April 2020, it forged a partnership with Huawei to facilitate its online-merge-offline (OMO) strategy by leveraging cloud computing, big data, AI, and the internet of things (IoT).

“We will be in efforts to maximise fair education resources within five years by providing advanced supply chain in synergy with courses, teachers, services, and technology,” said Chuan Li, the CEO at Aixuexi, in the statement. 

Aixuexi had, in 2017, collected 550 million yuan ($83 million) in funding from Kai-Fu Lee’s Sinovation Ventures, state-backed CICC Capital, Loyal Valley Capital, and Hina Group, among others.

Earlier in 2015, JD Capital and Qianhai Huineng had together poured 400 million yuan ($60 million) for Aixuexi’s Series B round. Besides, 5Y Capital had exclusively invested $3.75 million Series A round funding in Aixuexi in 2012. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.