(Yicai Global) Dec. 27 -- One-on-one tutoring website operator Shanghai Zhangmen Education Technology Co. said yesterday that it raised USD120 million in D-round financing and will spend the funds on upgrading products, researching education and expanding group lesson offerings.
The company, whose site focuses on primary and secondary school material, did not disclose a list of investors for this round, internet media outlet 36kr reported.
The group's online platform has enrolled more than 2 million students from more than 600 cities with a renewal rate of over 80 percent, founder and Chief Executive Zhang Yi said. The firm has 30,000 educators and expects its revenue for this year will be more than CNY1 billion (USD181.8 million).
Zhangmen Education Technology has adopted artificial intelligence and virtual reality technologies to improve student experiences and boost results.
Founded in January 2015, the business introduced group classes that are cheap and have high margins after its B-round of financing wrapped up last March. These courses have attracted nearly 10,000 students. StarVC led the group's C+ funding in July.
The company aims to have 10 million students enrolled next year and grow its presence in third- and fourth-tier cities that lack high-quality education resources, especially those in poverty-stricken areas in Northwest China, Zhang said.