Li Haoyang, founder of Squirrel AI Learning, said at the summit that AI will not replace human teachers, but teachers who don't use AI will gradually be out of the competition.

The Shanghai-based company, focused on adaptive learning, developed an AI-enabled system to divide knowledge into small chunks of tailor-made lessons so that students can focus on their weaknesses instead of wasting time on what they have already mastered.

"That's why AI matters. The system we developed knows the students much better than they understand themselves and our AI products make learning much easier and smarter for them," he said.

Li also disclosed that the company has finished its latest A-round of financing with Tiantu Capital among its investors. After this round of fundraising, the total financing amount will be at 1 billion yuan ($144 million).