VIP Peilian, an online music education platform, announced on Friday that it has raised $150 million in its series C round of financing.

The fundraising was led by Tiger Global. Other investors include Tencent Holdings Ltd, Orchid Asia, GSR Ventures and Bluerun Ventures.

"VIP Peilian hopes to make every practice count," said Ge Jiaqi, founder and CEO of VIP Peilian.

"We will continue to leverage artificial intelligence and data to enable more students, parents and teachers in the music education segment," he added.

The online platform enables children ages 5 to 16 to practice playing instruments including the piano, violin, accordion as well as the traditional Chinese guqin, a seven-stringed instrument similar to the zither.

According to the platform, more than 500,000 users have taken advantage of its services, covering over 33 countries and regions.

The company also inked strategic partnerships with over a hundred universities and colleges on Friday. It announced plans to establish a fund totaling 60 million yuan to support the research and development of music education in universities.