MYEG invests RM6.1m in AI-based education company in China

MYEG said the investments in Jingle Magic and Ximmerse formed part of its overall strategy to continue tapping into disruptive technologies with commercial value for the group.
MYEG said the investments in Jingle Magic and Ximmerse formed part of its overall strategy to continue tapping into disruptive technologies with commercial value for the group.

KUALA LUMPUR, April 4 — MY E.G. Services Bhd (MYEG) has invested RM6.1 million in China’s Jingle Magic (Beijing) Technology Co Ltd, which develops virtual reality (VR), augmented reality (AR) and artificial intelligence (AI)-based educational equipment and software.

MYEG said the investment in Jingle Magic, through venture investment arm MY E.G. Capital Sdn Bhd, marked the second of its kind by MYEG in a China-based company in the AR/VR/AI space, following last year’s 3.125 per cent interest in Guangzhou-based Ximmerse.

In a filing with Bursa Malaysia today, MYEG said it had agreed to subscribe to 46,044 shares in Jingle Magic. There is no mention of the percentage shareholding.

Jingle Magic’s key products and innovations include its AI-based AR smart desk, AI smartboard as well as diversified Internet system infrastructure solutions for schools.

MYEG said the investments in Jingle Magic and Ximmerse formed part of its overall strategy to continue tapping into disruptive technologies with commercial value for the group and that had the potential to bring far-reaching benefits to society. — Bernama

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