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Reading App 'Koala Reading' Secures RMB 30 Mln Pre-A Funding, 8/14/17

Beijing-based Xiangyue Education Technology, developer of mobile children's reading app Koala Reading, recently announced the completion of RMB 30 mln in pre-Series A funding, led by Zero2IPO, and with participation from ZhenFund and Galileo Venture. The funding will be used for further R&D of artificial intelligence technology and product improvements.

Koala Reading rates the difficulty of reading materials to make appropriate recommendations to students based on their reading level. The app also uses online reading comprehension tests and data, such as time spent reading, to provide feedback to schools.

Koala Reading is currently focused on the primary school market, and has established partnerships with more than 200 primary schools in Tianjin, Jiangxi, and other provinces. The company has begun building a reading library for students, collecting more than 10,000 books.

Koala Reading plans to soon cover 600 schools in 10 tier-1 to tier-3 cities in China.

Editor's Note: For more information on this topic, please see "Reading App 'Koala Reading' Completes RMB 4 Mln Seed Funding," MD 11/01/16 issue.

Keywords: VC mobile reader mobile education funding wireless Galileo Venture Zero2IPO ZhenFund Xiangyue Education Koala Reading mobile application angel funding


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