Malaysian MyEG Capital injects US$1.5m in edtech startup Jingle Magic
MyEG Capital, the investment arm of e-government service provider MyEG Services Bhd, announced that it has invested a total of US$1.5 million into Chinese edtech company Jingle Magic, as reported by Deal Street Asia.
Joining the investment are Zhejiang ZHongdi Investment Management, which is an education sector-focused investment fund affiliated with Tsinghua Holdings Group’s Muhua Education Fund, and VC firm Beijing Dianjing Zhiyuan Investment Center.
The company said that it will use the funding to continue tapping into disruptive technologies to benefits to society.
“We believe that schools in the future will extensively deploy AR systems to enhance the learning experience,” said MyEG managing director TS Wong commenting on the investment.
Jingle Magic was established in 2016 and it develops Virtual Reality (VR), Augmented Reality (AR), and Artificial Intelligence (AI)-based educational equipment and software. The products of the edtech company are AI-based AR smart desk, AI smart board, as well as diversified Internet system infrastructure solutions for schools.
The startup has a host of backers since its last financing round in 2016 that includes Anhui Kexun Venture Capital, a venture capital firm under iFlytek Co Ltd; Nantong Muhua Equity Investment Center, a part of Muhua Education; and Beijing Yifan Taihe Venture Capital Center.
Other portfolio companies under MyEG Capital include FashionValet, Agmo Studio and Stampede Solutions. This investment in the edtech company would be the second investment in AR/VR/AI space by MyEG Capital having done so for US$2.4 million in Ximmerse last year for 3.13 per cent interest exchange.