Beijing-based Empower Education Technology (EEO), operator of K-12 online live streaming education platform ClassIn, recently announced completion of RMB 9-digit Series A+ funding led by educational services provider New Oriental Education & Technology Group (NYSE: EDU), and with participation from prior round investors TAL Education Group (NYSE: TAL) and ATA Inc (Nasdaq: ATAI).
New Oriental said that its investment is intended to support its main online educational services business, and that it invested RMB 62.6 mln in cash to take a 10% stake in EEO.
Sun Junbo, founder of EEO, said that the company plans to release iPhone and iPad mobile apps, and also upgrade its educational data system. Funds will be used to continue expanding R&D investment to improve the ClassIn educational experience. EEO previously completed RMB 8-digit angel funding in 2014, followed by Series A funding from ATA Inc. and TAL Education Group in April 2016.
EEO is a K-12 online educational live video broadcasting solutions provider. Its products include ClassIn, launched in November 2015, which can be accessed through PC, Mac, Android, Web, and WeChat interfaces. ClassIn supports online live classes with up to 16 participants. Content categories include study abroad testing, vocational training for adults, youth programming, strategy game 'Go' training, painting, and music.
Empower Education Technology was established in July 2014.
Editor's Note: For more information on EEO's Series A funding, please see "AIA, TAL Education Invest in Online K-12 Video Education Platform ClassIn," MD 4/11/16 issue.