PING An Insurance Group Co. of China said 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 US$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.

Shenzhen-based Ping An has a small presence in the online education sector, where competition is fierce and many companies struggle to make profits.

Ping An, which is listed in Shanghai and Hong Kong, said a subsidiary and an affiliate will complete the deal with iTutorGroup by injecting capital and resources, without providing more details. (SD-Agencies)