BEIJING/HONG KONG (Reuters) – Online tutoring start-up Zuoyebang is in talks to raise $600-800 million in a new funding round as the coronavirus pandemic encourages investor interest in education technology, two sources with direct knowledge of the deal told Reuters.
The five-year-old Chinese company is valued at $6.5 billion prior to the investment, the sources, who spoke about Zuoyebang’s plans on condition of anonymity, said, adding that the talks were fluid and subject to market fluctuations.
A spokesman told Reuters that the information was not accurate, but declined to provide further details. He said Zuoyebang had “kept good contacts” with capital markets.
Students in China can upload their homework questions and search for answers on Zuoyebang’s platform, which uses artificial intelligence.
Education technology, known as “edtech”, has been one of the few sectors to be boosted by the coronavirus pandemic as schools were shut and students were asked to take…
Source Reuters Tech News
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