– With a total funding amount of $ 105 million.
Seoul, South Korea, July 1, 2021 / PRNewswire / – SeoulThe edtech start-up Mathpresso announced today that it has raised $ 50 million in a Series C funding round last week, which puts the company’s total funding at $ 105 million, according to the CFO Soo Nahm.
Yellowdog, GGV Capital, Goodwater Capital, KDB and SKS Private Equity participated in the new Series C. In addition to the four new investors, former funders including SoftBank Ventures Asia, Legend Capital, Mirae Asset Venture Investment and Smilegate Investment, also participated in the tour.
This cycle marks GGV’s first investment in a Korea-based startup. With edtech as its main global investment thesis, GGV has supported a number of edtech companies such as Zuoyebang.
The startup was founded in 2015 by the co-CEO Ray lee and Jake lee, and operates QANDA, a K-12 mobile learning application. In 2017, QANDA adopted an AI-based Optical Character Recognition (OCR) scan that looks for answers in 5 seconds. The service is now used by over 9.8 million users each month in over 50 different countries; a five-fold increase since 2020. Over 80% of QANDA users are now outside Korea, with its strongest user bases: Japan, Vietnam, Indonesia, and Thailand.
The original land of Mathpresso has long been considered an educational mine; Korea has one of the highest household education spending and one of the highest literacy rates in the world. Since the school closed in April 2020, e-learning has become a new form of education, with the number of monthly active users of QANDA increasing almost 5 times.
By applying Korea’s advanced learning content and extracurricular tutoring system to the global market, Mathpresso plans to develop a multi-faceted education platform with personalized content tailored to each user’s learning level. A premium subscription model that offers video micro-conferences launched in Korea in March of this year. Ray lee describes the company’s mission as “segment and connect all educational content in the world” to create a highly personalized learning platform supported by transparent recommendation algorithms. The company has also ventured into offline publishing and books to optimize the online and offline learning experience. QANDA Study Center Vietnam partners with teachers to match them with students and publish quality workbooks, ensuring its presence as an all-in-one education center.
With its investment in Series C, Mathpresso plans to strengthen its AI-based recommendation algorithm techniques and develop localized business models for its regional offices in Indonesia and Thailand. “Historically, quality education has been strictly available to the privileged few,” said Jake lee, “Our mission is to break down barriers to education through technology. In the future we envision, everyone should and will be able to access quality education designed especially for them.”
With a mission to provide the most effective education for all, Mathpresso develops the world’s leading learning platform, QANDA, an AI-based learning app that enables students of all levels to receive instant answers and personalized learning sources. Recognized for its technological advances, Mathpresso was selected as GSV Edtech 150, national representative of the Google AI for Social Good APAC event in 2018, and guest speaker at the AWS Public Sector Summit ASEAN in 2019. Since 2015, Mathpresso has raised $ 105 million in total from investors such as SoftBank Ventures Asia, Legend Capital, Mirae Asset Investment, GGV and Goodwater Capital. Based at Seoul, Mathpresso has offices in Tokyo, Hanoi, Jakarta, and Bangkok.
QANDA, which stands for “Q&A”, is a mobile app that enables students of all skill levels to receive instant answers and personalized learning content. QANDA recognizes text and mathematical formulas in a photo using optical character recognition (OCR) technology. Backed by over 2.4 billion solution data and a self-developed search engine, QANDA provides solutions to a student’s questions with great precision. 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.
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