Beijing-based Chinese startup Hetao Biancheng, which sells online courses on programming to children, has closed its Series B financing round collecting USD 50 million from investors led by China Renaissance and Hillhouse Capital, 36Kr reported on Wednesday.
This marks the largest fundraising in the infant-focused programming sector in China. Hetao’s rival Xigua Chuangke closed its Series B round, collecting RMB 150 million (USD 20.9 million) last August.
Hetao Biancheng plans to spend RMB 150 million of the new funds to develop an artificial intelligence-aided teaching system, in addition to build seven teachers’ training bases in China, said the company.
The firm’s courses, which went online in September 2017, have gained more than 650,000 learners worldwide. The company has the largest user base compared with other rivals in China, said the firm.
Hetao Biancheng made RMB 100 million in revenue during the summer vacation period in China, from July to August.