(Yicai Global) Jan. 8 -- Chinese internet leviathan Tencent Holdings Ltd. [HK:0700] makes a foray into the online music tutoring sector through participation in Peilian’s B-round financing.
Web-based music teaching platform Peilian’s B-series funding, worth hundreds of millions of yuan, constitutes the largest round of financing for a firm in the sector to date, online media outlet Lieyunwang reported today.
Other participants in the funding round this time included Orchid Asia, BlueRun Ventures, GSR Ventures and LongCapital.
Peilian provides one-on-one teaching to tens of thousands of budding musicians for a variety of instruments including piano, violin, accordion and Chinese traditional instrument, the guzheng. Daily classes on the platform currently exceed 10,000, and could reach 100,000 within two years, the company says.
“Music education is a large education market, but it has a low success rate and high drop-out rate,” said Weiqian Xun, director at Tencent Investment, adding that "Peilian has reduced this problem and has developed a good reputation."
Peilian’s self-developed teaching camera enables teachers to simultaneously select songs for students, while communicating with and observing them through the portal to provide professional guidance while correcting their problems such as fingering and rhythm.