(Yicai Global) Oct. 27 -- Xi'an Parallel Education Technology Co. bagged CNY80 million (USD12.12 million) in A-round financing led by Sinovation Ventures, online media outlet 36Kr reported.

The firm will use the funds raised to increase investment in product research and development and set up an online education division focused on creating an online question bank and other tools.

Founded in 2009, Parallel education is one of few comprehensive primary and secondary institutions using science to improve learning. Innovation of teaching products is the company's core idea, founder Liu Yutao said. As well as helping students learn more efficiently and improve their exam results, Parallel attaches important to their cultivation through education, and trains students to think in a variety of ways.

The company hopes to release its first online question bank in early 2018, said Lyu Kai, director of the online education division. The questions in the bank have been compiled by a team of researchers with a wealth of teaching experience to record and analyze students' learning habits. The platform uses artificial intelligence and Big Data to help students understand the nature of topics at hand and find solutions to questions presented in different ways.