China's Ping An to invest in education startup iTutorGroup

BEIJING (Reuters) - Ping An Insurance Group Co Of China said on Friday it would invest in online education company iTutorGroup, in a move to expand its “smart education” business.

iTutorGroup will work with Ping An to promote the application of Artificial Intelligence (AI) technology in education and the development of the online education industry, Ping An said in a statement on its social media platform.

iTutorGroup, founded in 1998, offers online language and mathematics tutorial lessons to customers. Between 2012 and 2018, the education platform raised four rounds of funding. It was valued at about $1.6 billion prior to Ping An’s investment.

Ping An, the country’s largest insurer by market value, did not disclose the amount of investment but said it would use its technologies to enhance the individualization and intelligence of iTutorGroup’s educational products.

Ping An posted a 77 percent jump in first-quarter net profit on strong investment returns driven by a capital market recovery.

Reporting by Yilei Sun and Norihiko Shirouzu in Beijing, Wang Jing in Shanghai; Editing by Jacqueline Wong