Bursa-listed e-government services provider MyEG Services Bhd is, through its venture investment arm MyEG Capital Sdn Bhd, investing 10 million yuan ($1.5 million) in Chinese education technology group Jingle Magic (Beijing) Technology Co., it said in a statement on Thursday.
Other investors that joined the round include Zhejiang ZHongdi Investment Management, an education sector-focused investment fund that is affiliated with Tsinghua Holdings Group’s Muhua Education Fund, and Xiaomi-backed venture capital firm Beijing Dianjing Zhiyuan Investment Center.
“We believe that schools in the future will extensively deploy AR systems to enhance the learning experience,” said MyEG managing director TS Wong.
MyEG added the investment in Jingle Magic marks the second of its kind by the firm in a China-based company in the AR/VR/AI space, following last year’s $2.4 million investment in exchange for a 3.13 per cent interest in Guangzhou-based Ximmerse.
Established in 2016, Beijing-based Jingle Magic is involved in the development of Virtual Reality (VR), Augmented Reality (AR) and Artificial Intelligence (AI)-based educational equipment and software.
The startup last raised a financing round in 2016 and was backed by Anhui Kexun Venture Capital, a venture capital firm under iFlytek Co Ltd – China’s largest publicly-listed AI company; Nantong Muhua Equity Investment Center, which is part of Muhua Education; and Beijing Yifan Taihe Venture Capital Center.
Jingle Magic’s key products and innovations include its AI-based AR smart desk, AI smart board as well as diversified Internet system infrastructure solutions for schools.
These investments form part of MyEG’s overall strategy to continue tapping into disruptive technologies with commercial value for the group and that have the potential to bring far-reaching benefits to society.
Other portfolio companies under MyEG Capital include FashionValet, Agmo Studio and Stampede Solutions.