Huohua Siwei, or “Spark Education” in English, an AI-powered tutoring company, has raised USD 150 million in its latest E1 round, led by KKR, with participation with existing backers GGV, GSR Ventures, Longfor Capital, Sequoia China, and IDG Capital, the company announced today at its conference. Following the deal, the total amount of capital the company raised has reached USD 340 million.
The company’s E2 round is to close soon, bringing its valuation to USD 1 billion, according to local tech media outlet 36Kr. Huohua Siwei refused to comment on the news. In April, short video app Kuaishou invested USD 30 million in Huohua, KrASIA reported.
Founded in 2017, Beijing-based Huohua Siwei specializes in math and science education, training children aged three to 12 in critical thinking. It also launched an English tutoring product on August 26. Luo Jian, the CEO and founder of Huohua Siwei, said the company has more than 250,000 paying students and generates RMB 200 million (USD 29 million) in revenue per month.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.