Chinese tech giant Tencent has invested more than $100 million in online corporate training platform Yunxuetang in its Series E1 round, per an announcement.
It brings the total corpus raised by Yunxuetang to over $300 million.
Yunxuetang had raised $100 million in January last year in its Series D round led by PE firm Centurium Capital with the participation from YF Capital – an investment firm co-founded by Alibaba’s former executive chairman Jack Ma Yun, and Susquehanna International Group (SIG).
YF Capital and SIG had together invested $50 million in Yunxuetang’s Series C round in 2018. Previously in 2017, SIG had solely invested $22 million in the company’s Series B round.
Index Capital, which served as the exclusive financial advisor for Yunxuetang’s Series D round, has facilitated the current transaction.
The funding raised will be used to further develop the company’s AI technology and software product innovations, and facilitate big data and IT platform transformations.
Yunxuetang claims to integrate new generation technologies such as AI, big data, and cloud computing to develop a one-stop training solution for enterprises.
With headquarters in Beijing and Suzhou city, Yunxuetang has served for about 30,000 companies. Its top clients include KFC, life services e-commerce platform Meituan, ride-hailing service Didi, telecom giant China Mobile, Lenovo, and SAIC Motor, among others.
China’s corporate training market size in 2020 reached 769 billion yuan ($119 billion), and is expected to touch 900 billion yuan ($139 billion) by 2025, according to China’s industry and planning consulting major Qianzhan.
