Ping An Insurance, a Shenzhen, China-based financial services company, has made an undisclosed investment in iTutorGroup, a Shanghai-based provider of an online platform for language and math tutorial lessons.
iTutorGroup will use the investment toward artificial intelligence development, according to Reuters. The company made headlines for a $200 million Series C round in 2015 that put its valuation over $1 billion.
Founded in 1988, Ping An claims its financial services, health care, auto services, real estate services and smart city services serve 538 million online customers and 184 million retail customers. It claims to have a market cap of $220.2 billion.
Founded in 1998, iTutorGroup claims to facilitate tens of millions of classes each year and over 20,000 teaching consultants in 135 countries.
