Education service provider Xiaoe-tech gets 100m yuan in latest fundraising

Chinese education service provider Xiaoe-tech announced on Saturday that it has raised 100 million yuan ($14.3 million) in its latest round of fundraising.

The fresh financing, led by the country's education giant TAL Education Group, is expected to move the valuation of Xiaoe-tech to over 1 billion yuan.

Bao Chunjian, founder and CEO of Xiaoe-tech, said on Saturday that the funds will be used for product research and development, as well as market expansion.

Xiaoe-tech，as the country's education provider focused on software-as-a-service, has creating a new service ecosystem for education companies in the field, said Huang Yan, chief technology officer at TAL.

The latest data showed that the firm has accumulated over 680,000 registered users and has helped its clients gain total revenue of 5.5 billion yuan.