China-based Koala Reading has raised $20m in a series B funding round, led by GGV Capital and Graded Reading System ER Framework. The children's reading app platform will use the funds to upgrade its Chinese XVC Venture Capital, improve the production of high-quality reading content, and expand the market. The start-up uses algorithms to create Chinese graded reading by aligning texts to a difficulty level, while matching a student's reading ability to personalised content and solutions. The Chinese online education market reached CNY200.3bn ($29.1bn) in revenue in 2017.
China-based Koala Reading has raised $20m in a series B funding round, led by GGV Capital and XVC Venture Capital. The children's reading app platform will use the funds to upgrade its Chinese Graded Reading System ER Framework, improve the production of high-quality reading content, and expand the market. The start-up uses algorithms to create Chinese graded reading by aligning texts to a difficulty level, while matching a student's reading ability to personalised content and solutions. The Chinese online education market reached CNY200.3bn ($29.1bn) in revenue in 2017.