(Yicai Global) Jan. 10 -- DaDaABC.com, an online English education organization for young learners, has raised CNY100 million in series-C funding from TAL Education and Tiger Global, the company said on Jan. 8. TAL Education will cooperate with DaDaABC on the application of artificial intelligence technology in education and the research and development of teaching contents.
This means that, after more than two years of the acquisition of K12 (from kindergarten to senior high school) offline education organization 'First Leap,' TAL Education Group [NYSE:TAL] took another shot in the field since its investment target has shifted from offline to online.
Shanghai-headquartered DaDaABC is an online English teaching platform which provides one-to-one services to children aged between 4 and 16. DaDaABC completed the latest financing round last month and will use the funds to increase investment in teaching contents and technologies to create a real online school while continuously upholding its student-oriented development principle, said Zhi Hui, founder and CEO.
Tiger Global is one of the largest hedge funds in the US and manages assets of over USD20 billion. It had once invested in New Oriental Education and Technology Group [NYSE:EDU] and TAL Education before their listings, both of which have already become the listed education companies with the highest market value in China.
DaDaABC claims to be the only platform providing services of fixed one-to-one foreign teachers to students in China. However, its operation costs significantly rose last year.