MYEG invests in China-based Jingle Magic
By Digital News Asia April 5, 2019
- Investment deepens MYEG’s interests in the fast-growing space
- Its second investment in China following Guangzhou-based Ximmerse
MY E.G. Services Bhd (MYEG), through its wholly-owned subsidiary MYE.G. Capital Sdn Bhd (MYEG Capital), on April 4 signed an agreement for an investment in Chinese Virtual Reality (VR), Augmented Reality (AR) and Artificial Intelligence (AI) based education company Jingle Magic (Beijing) Technology Co, Ltd.
Established in 2016, Beijing-based Jingle Magic is mainly involved in the development of VR, AR and AI based educational equipment and software.
The company is recognised as a major AR/VR/AI and 3D Internet education platform provider in China, as well as a 3D (AR\VR) online education platform in China's upcoming 5G internet era.
Jingle Magic’s key products and innovations include its AI-based AR smart desk, AI smart board as well as diversified Internet system infrastructure solutions for schools.
MYEG Capital is investing US$1.49 million (10 million yuan; RM6.1 million) in Jingle Magic.
Other investors in this latest funding round are Zhejiang Zhongdi Investment Management C., Ltd, an education sector-focused investment fund that is affiliated with Tsinghua Holdings Group’s Muhua Education Fund, and Beijing Dianjing Zhiyuan Investment Centre (Limited Partnership), a venture capital firm backed by several public-listed Chinese technology names such as Cheetah Mobile, Kingsoft, Xiaomi.
A previous funding round in 2016 saw Anhui Kexun Venture Capital LLP, a venture capital firm under iFlytek Co, Ltd, China’s largest public listed AI company, along with Nantong Muhua Equity Investment Centre (Limited Partnership) which is part of Muhua Education, and Beijing Yifan Taihe Venture Capital Centre (Limited Partnership), among the investors.
Managing director of MYEG, TS Wong (pic) said: “We believe that schools in the future will extensively deploy AR systems to enhance the learning experience. In this regard, we are excited to work with the leading AR Education systems provider, leaders in the AI sector like iFlytek and leaders in the education sector like Tsinghua Group to shape the classrooms of tomorrow."
The investment in Jingle Magic marks the second of its kind by MYEG in a China-based company in the AR/VR/AI space, following last year's investment in a 3.125% interest in Guangzhou-based Ximmerse.
These investments form part of MYEG's overall strategy to continue tapping into disruptive technologies with commercial value for the group and that have the potential to bring far-reaching benefits to society.
MYEG Capital is the venture investment arm of MYEG. Besides investments in AR/VR/AI space, its portfolio includes a diverse variety of technology businesses including FashionValet, Agmo Studio, and Stampede Solutions.