Beijing-based EdTech startup EEO Education has gained US$ 265M in a Series C funding round led by GL Ventures. Other participants in the funding round include Tencent, Susquehanna International Group, Gaocheng Capital, and INCE Capital.
EEO Education was founded in 2014 and launched its first online classroom software, ClassIn, in 2015. The software initially targeted after-school education companies such as New Oriental and TAL Education. But its software is now being used by universities such as Peking University and Tsinghua University, as well as public schools such as Beijing 101 Middle School and Shanghai Foreign Language School, since the Covid-19 pandemic shut schools, colleges and forced teachers to go online.
The edtech startup also introduced a new version of its platform called ClassIn X in July 2020 to enable teachers to combine their in-classroom teaching and online work, with class preparation, Q&A, and homework assignments, among various other things.
Yao Leiwen, managing director of Tencent Investment, said on a WeChat post that software-as-a-service (SaaS) and education have been two areas Tencent pays close attention to for long, and EEO happens to combine both of these. He further added that products like ClassIn will very likely become a major requirement in the educational sector in the future.
The startup believes online classrooms must be interactive, hence they developed tools for collaboration. Students learn best when they are connected to the teacher and each other. EEO Education’s software helps teachers draw, type, and upload multiple files onto virtual whiteboards. It also enables students to interact with the material on the screen and connect with each other via video and microphone.
By the end of August 2020, ClassIn claims to have had 60K schools and recognized customers from 35 countries and regions around the world using its software, catering to over 20 million individuals from about 150 nations each month.
Prior to this funding round, EEO Education had secured several tens of millions of dollars in a Series B round in July 2020 from investor INCE Capital.
About GL Ventures
GL Ventures is the venture capital fund of Hillhouse Capital that focuses on early-stage startups in four major areas: healthcare, software services, consumer Internet and emerging consumer brands and services. Hillhouse Capital was founded in 2005 and is one of the largest investment establishments in Asia, focusing on discovering and creating value. Biomedicine and healthcare are its key investment areas. It is fully dedicated to creating a people-focused ecosystem, concentrating on support for innovative healthcare. GL Ventures has invested in multiple innovative companies such as BeiGene, Innovent Biologics, Junshi Biosciences, I-Mab Biopharma, Frontage Laboratories, among others.
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