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  • AI tutoring solution company Riiid raises $18M Series C funding

  • The AI tutoring solution company Riiid, a member company of the Born2Global Centre, has secured $18 million through its Series C funding round, which was led by Premier Partners, Alpenroute Asset Management, DSC Investment, IMM Investment, Korea Growth Investment Corporation, and D Ventures Private Investment Fund. Such recapitalizations, in which DSC Investment is participating for the third time, have consistently served as stepping stones for Riiid's growth since the company's earliest years.

     


     

    Riiid, an edutech startup, has published the results of its research on its one-on-one AI tutoring deep-learning technology in an academic journal and is currently providing independently developed AI technology as a B2B solution known as "santA.Inside." A team of over 30 researchers from prominent Korean and overseas universities (UC Berkeley, Yale, Seoul National University, KAIST, POSTECH, Korea University, and Hanyang University), all of whom hold master's or doctoral degrees in mathematics or computer science, is working to continuously develop and improve santA.Inside.

     

    Riiid was also the first Korean company to present a research paper on AI technology at the Conference on Neural Information Processing Systems (NIPS), the world's most authoritative conference on artificial intelligence. The company continues to receive acknowledgment for its AI technologies not only in Korea but in the United States, China, and Japan as well, with a total of 41 registered patents and patent applications.

     

    Having already secured a cumulative total of $18M in R&D investment, Riiid will be using most of its recently raised Series C investment to conduct R&D and further enhance santA.Inside.

     

    A B2B service that is also Riiid's main business, santA.Inside can be easily used by any education company interested in using AI technology to provide educational services that transcend human capability. The solution allows companies to launch their own AI educational service brands.

     


     

    Santa TOEIC is the first AI tutoring product that Riiid 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.

     

    Riiid's analysis of the rate of increase of the TOEIC scores of Santa TOEIC users compared to their usage times shows that, on average, 20 hours of learning results in an increase of 124 points. In late 2017, the service was converted into a paid service. Compared to the first quarter of 2018, sales for the first quarter of 2019 increased by 255 percent. As evidence of the proliferation of its AI tutor, Riiid announced that, on average, Santa TOEIC users solve a total of 910 problems, which is roughly equivalent to 1.5 paper workbooks (most users of paper workbooks solve fewer than 100 problems, after which they essentially stop learning).

     

     


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