A homework app in China that instantly solves problems for students with the snap of a photo is now worth $3 billion

• A homework app in China that instantly solves problems for students when they take a picture, Yuanfudao, has raised $300 million, according to a TechCrunch report.
• The six-year-old startup has capitalized on the immense importance of academic exams for Chinese students.
• Yuanfudao is now valued at $3 billion.

A homework app in China that instantly solves problems for students when they take a picture, Yuanfudao, has raised $300 million and is now valued at $3 billion, according to a TechCrunch report.

Yuanfudao's latest round was reportedly led by Tencent, the world's largest video game publisher and a social networking giant in its own right.

Read more: Video game addiction has sparked a culture war in China - and it's having huge repercussions for the world's biggest video game maker

The six-year-old startup has capitalized on the immense importance of academic exams for Chinese students. Yuanfudao's product offering includes live courses, practice exam questions, and its homework app that solves questions with the snap of a photo.

According to the TechCrunch report, Yuanfudao makes most of its money from its live courses.

In May 2017, Yuanfudao raised $120 million at a $1 billion valuation. To date, it has raised over $540 million.

Yuanfudao did not immediately respond to a request for comment.

NOW WATCH: These are the top 7 smartphones of 2018