Riiid closes US$41.8 million funding round to accelerate global business expansion
SEOUL, South Korea, July 24, 2020 /PRNewswire/ -- Riiid, a leading AI education solutions startup and a member company of the Born2Global Centre, has successfully secured a USD 41.8 million pre-Series D funding round. The round includes investment from state-run Korea Development Bank (KDB), NVESTOR, Intervest as well as from an existing investor IMM Investment, bringing Riiid's total funding to date to USD 70.2 million. The funding represents another major milestone for the company, highlighting its more than 200 percent annual sales growth and adding over a million cumulative users since 2017. Riiid has been an active member company of the Born2Global Centre since 2016.
Riiid, based in Korea, offers Santa, a mobile test prep application for the popular English proficiency exam, Test of English for International Communication (TOEIC). Santa, which has been used by more than a million students in Korea and Japan, reached No. 1 in sales among education apps in Japan and Korea. Riiid's proprietary AI technology analyzes student data and content, predicts scores and user behavior, and recommends personalized study plans in real-time to help students optimize their learning potential.
Santa has proven the efficacy of Riiid's technology and the company is now focused on providing back-end solutions for companies, school districts and education ministries around the world for a wide range of new learning applications.
YJ Jang, Riiid's CEO, said, "Riiid successfully completed domestic funding amid a slower investment environment due to the unprecedented COVID-19 pandemic and has made significant progress in negotiating with overseas financial investors to accelerate global expansion." He also added "Riiid is already in the process of forming various global partnerships based on its verified AI technology in both academic and commercial markets, and will soon unveil new products and services. We are committed to creating a future for education beyond our imagination through in-depth R&D and commercialization of technology."
The funding will be used to advance Riiid's proprietary deep learning technology that offers personalized test-prep solutions based on precise data diagnosis. The company will also work on providing a 'formative learning' support solution to the education market, helping achieve learning objectives through continuous evaluation and feedback on performance in the entire learning process rather than preparing for specific tests. Ultimately, the new financing will help accelerate the company's global expansion across the U.S., South America, Middle East and beyond. To support the effort, Riiid Labs, the global arm of Riiid, has been established in Silicon Valley to solidify the company's position as an AI technology company in the global education market.
"Riiid is establishing a global standard while defining valid technologies and leading researches in the field of AI EdTech," said Jay Jeon, Intervest's Director. He added, "At a time when the need for effective remote learning solutions is expanding not only in the education market but also in various industries, the investment was made highly valuing the marketability of Riiid's proven business model in Santa, excellent talent pool, and various global partnerships that are underway based on a scalable technology structure."
Striving for technology leadership, Riiid continues to research AI technology trends and publish papers at top AI conferences including Neural Information Processing Systems (NeurlPS), the International Conference on Computer Supported Education (CSEDU), and others. In early 2020, Riiid launched EdNet, the world's largest open database for AI education to solidify global tech and industry leadership. The company has applied for 70 domestic and international patents, 17 of which are registered.
For more detailed information on Riiid, visit www.riiid.co/en/main.
Established in 2014, Riiid (www.riiid.co/en/main) is a leading AI solutions provider delivering creative disruption solutions in the education market. With a strong belief in equal opportunity in education, Riiid launched Santa for TOEIC in 2017, the firm's first commercialized AI tutor solution based on deep-learning algorithms, making otherwise expensive test prep affordable for everyone. The app has attracted more than a million users in South Korea alone. Riiid's AI tutor solution replaces textbooks and traditional lectures with a personalized AI tutor that outpaces human tutors at a fraction of the cost. Based on highly scalable and proven AI technology, Riiid is aggressively expanding its business to new test areas and geographical markets. Riiid launched 'Riiid Labs,' the firm's global arm based in Silicon Valley, California, in 2020 and continues to expand its business across the US, South America, Middle East and beyond. It currently operates Santa for TOEIC in Korea and Japan and has launched Santa SAT in Vietnam. As of July 2020, Riiid has raised a total of USD 70.2 million in funding.
About Born2Global Centre
Born2Global Centre (www.born2global.com) is a full-cycle service platform for global expansion. Since inception in 2013, Born2Global has been setting the standard for successful startup ecosystem as the main Korean government agency under the Ministry of Science and ICT. Born2Global has expanded and transformed startups to be engaged, equipped and be connected with the global market.
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