Mathpresso, a Seoul, South Korea-based provider of a K-12 mobile learning app, raised $50M in Series C funding.
The round was led by Yellowdog, GGV Capital, Goodwater Capital, KDB, and SKS Private Equity with participation from SoftBank Ventures Asia, Legend Capital, Mirae Asset Venture Investment, and Smilegate Investment.
The company intends to use the funds to strengthen its AI-based techniques of recommendation algorithms and develop localized business models for its regional offices in Indonesia and Thailand.
Founded in 2015 by co-CEOs Ray Lee and Jake Lee, Mathpresso operates Qanda, a K-12 mobile learning app that allows students of all levels to receive instant answers and customized learning sources. The app recognizes text and mathematical formulas in a photo with optical character recognition (OCR) technology. Supported by over 2.4 billion solution data and a self-developed search engine, Qanda has over 9.8 million monthly active users in over 50 countries. The app currently offers 7 languages – Korean, English, Spanish, Japanese, Vietnamese, Indonesian, and Thai.
Mathpresso also has offices in Tokyo, Hanoi, Jakarta, and Bangkok.