Chinese startup Yuanfudao, which helps schoolchildren do their homework and prepare for exams, earned $ 300 million in 2018, an increase of $ 180 million from last year, TechCrunch reported. Then the startup was valued at $ 1 billion. Today this figure has tripled.
Yuanfudao offers users a range of products, including a variety of online courses, an exam database, and the popular "homework assistant" app. The student is only required to shoot the text of the problem on the phone camera, and he immediately receives the correct answer. The startup also has its own artificial intelligence research center.
Yuanfudao's main investors include Internet giant Tencent, Warburg Pincus, Matrix Partners China and IDG Capital, which have invested $ 120 million in the project. These funds will be used to further improve AI and UX applications. Yuanfudao users - and there are over 200 million of them - are school students and their parents using the app to check homework.