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.