Ping An Insurance featured image
Banking & Finance News Stories Technology

China’s Insurance giant Ping An to invest in edtech startup iTutorGroup

The Chinese insurance giant Ping An announced that it buys a stake in edtech startup firm iTutorGroup to expand its “smart education” business.

Ping An Insurance (Ping An of China) is a Chinese holding conglomerate whose subsidiaries mainly deal with insurance, banking, and financial services. Earlier last month, the online educator platform iTutorGroup denied having an agreement with the Chinese insurance. But then, Ping An announced that they are investing an undisclosed amount to iTutorGroup.

Upon acquisition, iTutorGroup will work together with Ping An in promoting Artificial Intelligence (AI) technology in the online education industry. This move by the insurance company shows that Ping An is committed to making iTutorGroup the world’s #1 online education platform.

Founded in 1998, iTutorGroup has become the largest online platform driving live human-to-human interactions worldwide. It provides personalized learning experiences to students and business professionals in countless subject matters through its network, and sourcing experts and teachers in thousands of centers, institutions and cities around the world.

iTutorGroup was also backed up by big names like Alibaba, CyberAgent Ventures, Goldman Sachs, Temasek and Qiming Venture Partners.

iTutorGroup may gain more customers with Ping An’s huge insurance sales force. iTutorGroup is said to continue operating independently but as a subsidiary of Ping An’s “smart education” business.

ASEAN HR TECH VENTURE SUMMIT 2018
REGISTER NOW 33% DISCOUNT
SUMMIT PASS

Send this to a friend