Baidu backs China online learning site SmartStudy
Chinese internet giant Baidu has invested $10.6 million in a Series A round of funding for Smart SmartStudy.com, an online education platform.
Smartstudy, which came online in February, was founded by former employees at New Oriental Education & Technology Group, a US-listed private school operator in China. The platform focuses on helping Chinese students prepare for English tests, such as TOEFL, GRE and IELTS.
Under the strategic cooperation, Smartstudy will extend its reach to mobile and hardware products such as Baidu's newly-launched tech wearable - Baidu Eye. The funding will be also used for team building, marketing and developing new online curricula, according to a statement.
According to iResearch, China's online education industry generated RMB83.9 billion in revenue last year and will reach RMB173.39 billion ($28 billion) by 2017. All of the major domestic internet companies - Alibaba Group, Baidu and Tencent Holdings - have entered the space, although their self-run platforms have been criticized for lacking quality.
Two months ago, Baidu teamed up with Hao Capital and DCM to invest in a RMB100 million Series C round for Beijing Wanxue Education. Prior to that, Baidu reportedly acquire online education platform Chuanke.com.
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