Tencent-backed education platform bags $44.5m Series D funding

Photo: Reuters

Chinese K-12 education platform Yang Cong 345, also known as Onion Mathematics, has raised 300 million yuan ($44.5 million) in a Series D funding round led by Primavera Capital.

Other investors who participated in the current round include Beijing Kunlun Tech, Frees Fund, Legend Capital and Lighthouse Capital Partners, among others.

So far, the company, backed by Internet giant Tencent, has raised a total of 600 million yuan.

Yang Linfeng, co-founder and CEO of Onion Mathematics, said in a statement that the Series D round will be used to invest in online course research as well as speed up the application of artificial intelligence to promote personalised education.

Onion Mathematics established its AI lab in early 2017. It said each of its 5-8 minute animation courses cost the research team at least eight weeks to produce, and it took nearly four years to develop a complete curriculum for mathematics for junior high school.

Founded in 2013, Onion Mathematics claims it has catered to more than 20 million student users across 150,000 primary and secondary schools in more than 2,800 districts and counties across China.

The company cited the Chinese Academy of Sciences data to claim that it had a 60 per cent market share in online mathematics in primary and secondary schools. Onion Mathematics charges its users less than 50 yuan per month, and half of its offerings are free courses.

“Personalised education for children is gradually becoming possible in the Internet age. Onion Mathematics has used the Internet and artificial intelligence to solve the problem of large-scale personalised education,” commented Hu Zuliu, the founder of Primavera Capital.

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