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Qiming, Trustbridge back China education app developer

  • Holden Mann
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Chinese online education app developer Xuebajun has raised a $50 million Series B round led by Qiming Venture Partners and Trustbridge Partners, with participation by existing investor Vertex Ventures.

CEO Zhang Kailei said that the company will use the funds to develop and promote new products, according to Sina. Xuebajun offers homework assistance through its apps for iOS and Android; users take photos of homework questions and the system searches its database for answers.

Xuebajun has registered more than 18 million users since its founding in June 2014. Over 10 million people use the service each month. The company plans to work with education professionals to improve its offerings and make them more relevant to students. There are also plans to upgrade its character recognition software.

Vertex contributed $5 million to Xuebajun's Series A round last year. Tay Choon Chong, the VC firm's managing director and CIO, joined the Xuebajun board at that time.

Qiming is currently investing out of its fourth China fund, which closed last year at $500 million. Trustbridge is currently raising its fifth fund, to which the Public Safety Personnel Retirement System of Arizona has committed $40 million.

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