China-based tutoring services provider Squirrel AI Learning has secured tens of millions of dollars in a series C1 round featuring quantitative trading firm Susquehanna International Group (SIG), DealStreetAsia reported on Saturday.

The round was also backed by NGP Capital, the venture capital firm spun off by telecommunications technology firm Nokia, as well as Citic Securities, a subsidiary of investment group Citic, according to a company statement.

Squirrel AI produces artificial intelligence-powered adaptive learning software to offer after-school tutoring services, and said it was already in the process of raising series C2 financing.

The company raised $4.5m in a 2015 seed round backed by Qingsong Fund, ZH Magnetic System and private investor Minhong Yu.

SIG and education services provider New Oriental Education & Technology participated in a $39.7m round closed in 2017 alongside NGP Capital, Cash Capital and Greenwoods Asset.

Squirrel AI subsequently secured $145m in a September 2018 round at a valuation of at least $1bn. Tiantu Capital also lists it among its portfolio companies.

The original version of this article appeared on our sister site, Global University Venturing.

Squirrel AI Learning, a China-based tutoring services provider backed by Chinese Academy of Sciences, has secured tens of millions of dollars in a series C1 round, DealStreetAsia reported on Saturday citing a company statement.
The round was backed by quantitative trading firm Susquehanna International Group (SIG) and NGP Capital, the venture capital firm spun off from telecommunications technology firm Nokia, as well as Citic Securities, a subsidiary of investment group Citic.
Squirrel AI Learning produces artificial intelligence-powered adaptive learning software to offer after-school tutoring services. It is unclear what it intends to do with the series C1 capital, but it said it was already in the process of raising series C2 financing.
The company raised $4.5m in a seed round in 2015 backed by Qingsong Fund, ZH Magnetic System and private investor Minhong Yu.
Cash Capital, the venture capital arm of Chinese Academy of Sciences, participated in a two-tranche $39.7m round that closed in June 2017. The transaction, dubbed an angel round, also featured education services provider New Oriental Education & Technology.
SIG, NGP and Greenwoods Asset filled out the angel round.
Squirrel AI subsequently secured $145m in a September 2018 round that gave it unicorn status. Tiantu Capital counts Squirrel AI among its portfolio and took part in the 2018 round according to deals database Crunchbase, however, this or the identity of other investors could not be verified.