Magic Ears Lands $18 Million Investment
July 2, 2018, Magic Ears announced they had closed an $18 million series A funding led by Hillhouse Capital, the largest investment company in Asia.
Making Magic Happen
Magic Ears, an online company from China that specializes in one on four classes, raised an $18 million Series A financing led by Hillhouse Capital, participated by ZhenFund. Not only did Magic Ears manage to earn a high volume of finance, but also high praise from both companies.
Could Magic Ears Become the Future Leading ESL Company?
When it comes to cutting-edge technology, Magic Ears is certainly paving the way for future online learning. Magic Ears software creates an unparalleled experience for students.
Magic Ears can track students' progress in learning words, expressions, and reading fluency through sensors built into the platform. The online classroom also boasts features like interactive games, built in rewards, and an interaction mode unique to Magic Ears that helps keep students' active and performing well in class. With one click of a button, the teacher can blow up their screen along with the student's so the student can pay more attention to the shape of their mouth for pronunciation. Teachers also leave specialized feedback for each student after class.
Data is constantly being collected to analyze and improve student performance. This increase in data and student base has launched Magic Ears classes from 70% to 90% full attendance.
Interaction mode unique to Magic Ears
Magic Ears has also taken a different approach when it comes to providing students with teachers. They do not let parents choose teachers, but assign classes to teachers, thus, unlike one on one classes, there is no need for teachers to worry about how to be found in the midst of thousands of teachers.
Students are expected to learn from different teachers, but Magic Ears CEO,Jin Lei, believes that analyzing students' strengths and weaknesses like "medical records" is more beneficial for students than having the same teacher. When a person goes to the doctor's office, they are not so worried about what doctor they see as long as their medical files are on record.
Teacher Lily, an English Language Camp Instructor
Since August 2017, the We-Chat based 21 day oral training camp has been a Magic Ears product of the whole Magic Ears learning package. The camp is set up to provide after-class reviewing material and the strengthening of language skills.
The follow up training camp not only enforces the use of oral practice everyday, but also collects data to help analyze the students' performance.
Quality platform performance coupled with skillful teaching creates the uniform and consistent "Magic Ears experience" that is expected from parents and students each class.
With course prices 4,000-7,000 yuan a year, Magic Ears group class prices are far more reasonable and affordable than one on one class prices. Not only are prices cost effective, but Magic Ears classes yield an 80% repurchase rate among consumers. Now Magic Ears has more than 10,000 students.
Magic Ears' attention to detail and emphasis on course-ware design and data collection has caught the attention of not only consumers, but big investors. With an impressive $18 million Series A financing led by Hillhouse Capital and ZhengFund, Magic Ears has piqued the interest of the public media. A large investment coupled with cutting edge technology could lead to massive growth and success for Magic Ears.