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Sinovation-Backed Education Firm Secures $140 Million in New Funding

By Liu Shuangshuang and Zhao Runhua / Apr 19, 2019 03:29 PM / Business & Tech

Photo: IC

Photo: IC

Beijing-based Gaosi Education secured $140 million in Series D funding, CEO Xu Jicheng announced on Thursday – one of the largest single financings in China’s college prep industry in history.

The funding round, led by leading global private equity firm Warburg Pincus, shows the market’s strong interest in college prep businesses in China.

Established in 2009, Gaosi offers courses in test-taking strategy, with the gaokao – China’s national college entrance exam – in mind. The company also offers support to other education enterprises and runs online classes.

Gaosi said it will mainly invest the new funding into product design and AI education technologies, while increasing its support of other education enterprises. The company also announced a cooperation with Tencent's cloud services unit on Thursday.

Before this week’s funding, Gaosi received three rounds of investment, which raised a total of roughly $180 million in capital from investors including China International Capital Corp. Ltd. (CICC) and former Google China head Kai-fu Lee’s Sinovation Ventures.

Related: Could Online Learning Stocks Contain the Next Alibaba?

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