Malaysia: MyEG Capital invests $1.5m in Chinese edtech startup

Virtual Reality | Photo: Bloomberg

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.

Also read:

Malaysia’s MyEG picks 40% in Indonesian e-gov service provider Cartenz for $10m

Malaysian firm MYEG to invest $2.4m in China AR/VR firm Ximmerse

 

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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.