NetEase Youdao passes first funding test

May 1, 2018 • Thierry Heles

The online education services provider has raised an undisclosed amount of funding at a $1.1bn valuation, adding Legend Capital to its shareholders.

NetEase Youdao, an online education platform spun out by China-based internet company NetEase, has raised an undisclosed sum from investors including Legend Capital, the venture capital firm formed by conglomerate Legend Holdings.

Mooc-CN Investment, an online education service owned by Tsinghua University’s asset management arm Tsinghua Holdings, led the round, which valued Youdao at $1.1bn.

Youdao operates an education platform that includes tools like a dictionary, online courses and a translator. The company also produces smart hardware products, such as…

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