- Seoul , South Korea
- Founded 2014
Raising $ 1,500,000
Riiid replaces paper workbooks and tutoring institutions for multiple choice tests with its data-based adaptive learning technology.
• Proprietary AI technologies → technical barrier and Top level AI scientists and engineers
• Inbound investment and partnership deals from a number of big China education companies.
• Rasied over $4MM from top Korea VCs and heavyweights in IT (cofounder of Nexon, VP of ST Unitas, etc.)
Pre-money Valuation10% Equity
Company DescriptionAnually, 3,000,000 take SAT; 20,000,000 take CET (College Egnlish Test in China); 10,000,000 for TOEIC(Test Of English for International Communication); 3,000,000 for JEE (Join Entrance Exam for Indian engineering college)
Multiple choice test still exist and will never disappear. Especially in Asia, students invest numerous hours into prep for multiple choice tests while having better things to do for their lives. Riiid helps them with minimizing the effort and time dedicated to prep for tests.
Riiid's first target market is TOEIC, Test Of English for International Communication, taken by 5,000,000 college students seeking jobs in Korea and Japan.
It's extremely hard for students to figure out by themselves which patterns of the questions they keep on getting incorrect and the concepts they don't fully understand. Even if they somehow find out their weaknesses, it's almost impossible to collect the study materials, such as online lectures, questions, concept explanations, that directly help them overcome the weaknesses. Moreover, private tutoring institutions are very pricey in Korea and Japan.
To solve the problems, Riiid develops Santa, the most technically advanced adaptive learning solution for multiple choice tests. Through Santa's advanced data-mining technology, the Visual Analytics enables its users to efficiently study and focus on the concepts and question-patterns they are weak at the most by tracking the questions and choices they have gotten incorrect and beautifully displaying its online reports. In addition, Santa provides students with online/mobile lectures, study materials, and questions that are specifically designed to overcome their weaknesses.
KRW 1.5 billion | April 2017 | Series B
KRW 2.0 billion | January 2016 | Series A
|DSC Investment||South Korea|
|Shinhan Capital||Shinhan Capital Co, Ltd. is a Korean financial company, established in 1991 with headquarters in Ansan, Korea.||South Korea|
|DS Investment Consulting||South Korea|
KRW 200.0 million | July 2015 | Seed
|The Ventures||The Ventures is a company-building company and a venture capital firm that specializes in providing seed-stage funding to tech companies.||South Korea|