Last Updated on 27/05/2021 by Khushi
image courtesy: Reuters
Riiid Inc, a South Korean AI tutorial platform, collected $175 million from SoftBank Group Corp Vision Fund 2 to introduce a good quality education around the world. This opportunity has been considered as one of the big opportunities for the company to expand their business at this crucial period of Covid19.
Image Courtesy: The Korea Herald.
As per the sources, the reason behind this funding is to encourage Riiid’s dream to improve the education quality all around the world, and this happens only if the company can make their AI technology stronger, therefore, with the help of this money the company will be able to strengthen its AI technology and expand their tutorial platform. Furthermore, the company is also planning to build research and development centers and data labeling centers across the US, Canada, and Ghana to strengthen their technical infrastructure and encourage the people globally to come forward to adopt this new innovative AI-based learning experience in their study. As per the reports the company will create a more customized learning experience in their platform for the students by tying up with the big education companies across the different countries to receive the content based on education.
Currently, the startup is running the test preparation application Santa, which helps to provide deep-learning algorithm-driven tutors to the students to help them to prepare for the English language test for International Communication exams. However, they want to expand their platform on a large basis and due to this, they are raising funds from different mediums. It has been believed that this application is used by 2.5 million students across Korea and Japan.
Overall, Riiid is continuously working intending to enhance the education standard on their tutorial platform and provide knowledgeable content to the students living in different corners of the world with the help of AI technology and we hope that after this huge investment they will achieve more success in fulfilling their dream.