Huohua Siwei also known as Spark Thinking, a Chinese edtech startup has raised US$100 million in its second tranche of Series E (E2) according to an internal letter by the startup released on October 12, 2020.
The round of financing was led by internet giant Tencent with participation from The Carlyle Investment Group’s funds and Yuandaodao. China’s Light Source Capital acted as the exclusive investment consultant for this deal according to a report by 36Kr.
This current capital investment takes Huohua Siwei’s total funding to US$440 million according to the company’s letter. The startup raised US$30 million from Chinese short video platform Kuaishou and a US$150 million Series E1 round barely two months ago, which saw led by existing backer KKR & Co.
Founded in 2017, Beijing-headquartered Huohua’s online platform specializes in AI-powered interactive courses in mathematics, science, and critical thinking.
Tencent Investment Managing Director Haiyang Yu said in the funding announcement on WeChat, “The increasing efforts in AI-enabled, multi-disciplinary courses can provide more advanced education services to students.”