Korea startup Riiid has secured US$41.8 milion to fund the expansion of its AI education solutions and into the global market.
The pre-Series D funding, which took total investment to US$70.2 million, came from Korea Development Bank, NVESTOR, Intervest, and IMM Investment.
Riiid’s Santa mobile test prep application for the popular Test of English for International Communication (TOEIC) is the top education app in Korea and Japan. It has been used by more than a million students in these countries.
Using proprietary AI technology, the app analyses student data and content, predicts scores and user behaviour, and recommends personalised study plans in real-time to help students optimise their learning potential.
Accelerating global expansion
“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,” said YJ Jang, CEO of Riiid.
The company is 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.
The new round of funding will be used to advance its proprietary deep learning technology, provide a formative learning support solution, and drive global expansion across the US, South America, Middle East, and beyond.
Riiid Labs has been established in Silicon Valley to solidify the company’s position as an AI technology company in the global education market.