BEIJING(JMDedu) - Yuanfudao(猿辅导), the largest online live course platform in China, announces today that the company has closed a new round of financing with 1 billion US dollars led by Hillhouse Capital, with the original shareholders Tencent, Boyu Capital, and IDG Capital also participating. After this round, which marks the largest financing deal in online education sector so far, Yuanfudao’s valuation will top to 7.8 billion US dollars.
While confirming the financing news, Li Yong, the founder of Yuanfudao, also disclosed relevant business data in the letter to employees. According to him, the company now has accumulated more than 400 million users nationwide. Among them, over 1 million students in primary and secondary who have paid for the long-term online courses(Yuanfudao) at a regular price, meanwhile, for the online product focusing on students from 2 to 8-year old named Zebra AI Class, the number of long-term paid users has exceeded 500,000.
Founded in 2012, the company now has aggregated a large database of K12 study behavior and built up a product matrix including Yuanfudao, Yuantiku(Question Bank), Xiaoyuansouti(online answer book product), Xiaoyuankousuan(homework product) and Zebra AI Class, meeting students’ demand by leveraging AI and big data in educational scenarios besides live broadcasting.
As of March 2020, the company has employed more than 15,000 staff, apart from the Beijing headquarters, the company has established Teaching & Research centers and branches in 11 cities across the country including Wuhan, Shenyang, and Nanjing.