Chinese mobile internet platform developer and operator NetDragon Websoft Inc has raised $52.5 million in Series A funding for its online education subsidiary from a group of investors that include Singapore’s Vertex Venture, a wholly-owned subsidiary of state fund Temasek.
The other investors include IDG Capital Partners and Shenzhen-listed animation producer Alpha Animation. The funding round values the education subsidiary group at $477.5 million on a fully-diluted basis.
The company plans to use the proceeds to accelerate the product development of its online and mobile education ecosystem platform, and solidify its first mover advantage in the design of a disruptive education solution that truly addresses the needs of students, teachers and parents, it said in a statement.
NetDragon says it is building a lifelong education ecosystem by developing K-12, vocational, non-academic credential and educational products by leveraging mobile internet technologies to disruptively enhance the learning environment.
The methodology also involves using gamification models to make learning fun, and applying user behavioural analysis to deliver innovative pedagogical approaches, its statement added.
The chairman and executive director of NetDragon, Dejian Liu said, “We believe the education industry is ripe for a major change. There is a strong and ever-growing need for a mobile educational platform that creates true educational value and makes people want to come back to learn more.”
“Both IDG and Vertex are among the most successful global venture capital investors in the mobile internet space, and their investment is a strong vote of confidence in our vision and execution capabilities. Alpha Animation is one of the leading and most influential animation content production companies in China, and we believe their support as a strategic investor will create valuable synergies in the areas of content and branding that will greatly enhance our educational offerings,” he added