Riiid, a Seoul, South Korea-based edutech startup, secured $18m in Series C funding.
The round was led by Premier Partners, Alpenroute Asset Management, DSC Investment, IMM Investment, Korea Growth Investment Corporation, and D Ventures Private Investment Fund.
The company intends to use the funds to:
– conduct R&D and further enhance santA.Inside,
– expand services to other types of tests, including the SAT and Korean civil service examination,
– grow in overseas edtech markets in the United States, China, and Japan.
Led by CEO Young-Jun Jang, Riiid leverages AI tutoring deep-learning technology known as “santA.Inside” to develop edtech solutions.
Santa TOEIC is the first AI tutoring product that the company has developed, as a test product based on santA.Inside, aiming to introduce the AI tutoring service concept to the Korean educational market.
An AI tutoring service exclusively for TOEIC students that has already secured a cumulative total of 900,000 members, Santa TOEIC can predict a user’s score after he or she completes only 6 to 10 problems. It can also curate individually tailored problem and lecture banks in real-time and design the most efficient learning patterns and schedules.
The company will be utilizing AI technologies that have been vetted by both academia and the business community to expand into even more diverse markets and fields.