Ruanyun Edai Technology, a Chinese provider of AI-driven learning and testing solutions for K-12 education, raised $15 million by offering 3.8 million shares at $4, the low end of the range of $4 to $5.
Focusing on K-12 education in China, Ruanyun Edai Technology has created an AI platform designed to enhance both learning and testing environments. Through its SmartHomework solution, teachers can use collected data to adjust instructions for students based on their specific needs. In addition, the company's SmartExam solution helps deliver China’s Academic Proficiency Test, which is required in China for obtaining a high-school diploma, in computer-based format. Its products also include self-learning solutions and smart-devices, such as smart printers and smart headsets for everyday study and test preparation.
Ruanyun Edai Technology plans to list on the Nasdaq under the symbol RYET. AC Sunshine Securities acted as sole bookrunner on the deal.
