MyEG Capital makes US$1.5 million investment in Chinese edtech startup Jingle Magic

Fri Apr 5, 2019 - 3:58am UTC
MyEG

MyEG

5/4/2019 – My E.G. Services Bhd, otherwise known as MyEG, through its wholly-owned unit MyEG Capital Sdn Bhd is investing 10 million yuan investment (about US$1.5 million) in Chinese education technology group Jingle Magic (Beijing) Technology Co.

Other investors including Zhejiang Zhongdi Investment management, an affiliation of Tsinghua Holdings Group’s Muhua Education Fund and Xiaomi-backed venture capital firm Beijing Dianjing Zhiyuan Investment Center also joined in this latest funding round.

For MyEG, Jingle Magic marks the second investment of its genre following last year’s US$2.4 million investment in Guangzhou-based Ximmerse, which goes to show the Malaysian e-government services provider’s deep interest in the fast-growing space.

“We believe that schools in the future will extensively deploy AR systems to enhance the learning experience,” said MyEG managing director TS Wong.

“In this regard, we are excited to work with the leading AR Education systems provider, leaders in the AI sector like iFlytek and leaders in the education sector like Tsinghua Group to shape the classrooms of tomorrow.”

Founded in 2016, Jingle Magic develops Virtual Reality (VR), Augmented Reality (AR), and Artificial Intelligence (AI)-based education equipment and software. The company is recognised as a major AR/VR/AI and 3D Internet education platform provider in China, as well as a 3D (AR/VR) online education platform in China’s upcoming 5G internet era.

Jingle Magic’s key products and innovations include its AI-based AR smart desk, AI smart board as well as diversified Internet system infrastructure solutions for schools.

The startup last raised a financing round in 2016 and was backed by Anhui Kexun Venture Capital, a venture capital firm under iFlytek Co Ltd – China’s largest publicly listed AI company, Nantong Muhua Equity investment, and Beijing Yifan Taihe Venture Capital Center.

These investments form part of MyEG’s overall strategy to continue tapping into disruptive technologies with commercial value for the group and those that have the potential to bring far-reaching benefits to society.

Other portfolio companies under MyEG Capital include FashionValet, Agmo Studio, and Stampede Solutions.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.