Yuanfudao
Yuanfudao (formerly Beijing Zhenguanyu Technology) runs a group of K-12 learning products, including the Yuanfudao live-tutoring platform, the Zebra (斑马) app, Xiaoyuan Kousuan arithmetic checking and the Yuantiku question bank. It makes money from paid courses, subscriptions and learning hardware sold to students and parents, and its Xiaoyuan learning device sold over one million units in 16 months. Backed by Tencent, Hillhouse, IDG, Warburg Pincus, DST and Temasek, it raised about $4B, with the last major rounds in 2020 valuing it at $15.5B. After China's 2021 tutoring crackdown it moved toward non-curriculum and AI products, including integrating DeepSeek and its own Yuanli model in February 2025 and launching 'Yuanfudao AI Big Reading' in July 2026.