Seoul-based AI tutoring solution company Riiid announced this week that it has raised $18 million in Series C funding. The round was led by Premier Partners, Alpenroute Asset Management, DSC Investment, IMM Investment, Korea Growth Investment Corporation and D Ventures Private Investment Fund.
Riiid’s individualized AI tutoring has demonstrated academic rigor, with the results of the edtech startup’s research on deep-learning technology published earlier in an academic journal. Riiid also provides independently developed AI technology in the form of a B2B solution known as "santA.Inside".
The company has quickly distinguished itself as an authority on artificial intelligence. In addition to holding a total of 41 registered patents and patent applications, Riiid is the first Korean company to present a research paper on AI technology at the Conference on Neural Information Processing Systems (NIPS), arguably the most prestigious conference on artificial intelligence.
Most of the Series C funding will be used for R&D purposes and enhancements to its B2B service, which enables companies to launch their own AI educational service brands.
“We followed through with this investment based on the fact that AI tutoring technology can be applied to diverse educational areas simultaneously and in parallel and because we believe that Riiid will be able to consistently lead the innovation of the global educational market.”
David Oh, a principal at Premier Partners, cited Riiid’s potential to lead innovation on a global scale in a statement. "Riiid is using AI technology that has already been internationally recognized and is gaining recognition in the market with its remarkable products,” said Oh. “We followed through with this investment based on the fact that AI tutoring technology can be applied to diverse educational areas simultaneously and in parallel and because we believe that Riiid will be able to consistently lead the innovation of the global educational market.”
Riiid CEO Young-Jun Jang added, “Riiid will transform the paradigm of the educational industry from a content-centered one to a technology-centered one. By entrusting the operation of complicated AI technologies to us, the educational companies that partner with Riiid will be able to focus their energy and attention on developing outstanding content.”