Today, Chinese online tutoring firm Yuanfudao announced its official entry into the smart education market and will now focus on enterprise education. The company will soon launch a new brand of educational technology, called Feixiang Planet, for the government and schools, providing public schools with smart education platforms and products to meet their technical and service needs.
Tianyancha shows that Beijing Feixiang Planet Technology Co., Ltd. is 100% wholly-owned by Beijing Xiaoyuan Culture Communication Co., Ltd., which is an affiliated company of Yuandaodao. Beijing Feixiang Planet Technology Co., Ltd. was formally established in 2021 with a registered capital of 100 million yuan ($16 million), and its legal representative is Li Xin, the co-founder of Yuanfudao.
People close to Yuanfudao told the TMTPOST APP that Yuanfudao’s entry into the enterprise-education field will happen sooner or later. The core reason is that they have three main advantages. Firstly, in the past ten years, Yuanfudao has continuously invested more than 10 billion yuan in technology R&D. Secondly, Yuanfudao has a large educational technology team, namely the AI Lab Artificial Intelligence Research Institute. Thirdly, Yuanfudao has accumulated hundreds of millions of users.
Employees revealed to TMTPOST APP that the current business has entered the stage of R&D and testing, and will be soon launched in China. This business is marked as the Innovative Product Research Department in the company, which integrates the core technology, R&D and product personnel of the company.
In 2020, Yuanfudao completed G1 and G2 rounds of financing totaling $2.2 billion. At that time, after the completion of financing, the valuation of Yuanfudao reached $15.5 billion. However, Yuanfudao’s financing process has come to an abrupt halt, and nothing has been released this year.
Rumors about Yuanfudao’s transformation to sell down jackets has been running rampant lately. According to media reports, the current down jacket team of Yuanfudao is a small-scale team of 3-4 people, which is an attempt by the company’s boss and is not necessarily related to Yuanfudao’s core business at the moment.
On Wednesday, one person familiar with the matter said that the previous media reports were wrong. The company has not transformed to sell down jackets, but only invested in a clothing company.