Ruanyun Edai Technology, a provider of learning software utilizing artificial intelligence in China, filed on Thursday with the SEC to raise up to $28 million in an initial public offering.
The company plans to raise $28 million by offering 5 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Ruanyun Edai Technology would command a market value of $193 million.
Focusing on K-12 education in China, Ruanyun Edai Technology has created an A.I. 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.
The Nanchang, China-based company was founded in 2012 and booked $13 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol RYET. Ruanyun Edai Technology filed confidentially on August 31, 2021. Univest Securities and AC Sunshine Securities are the joint bookrunners on the deal.
