Funded



Riiid, Inc. |

Riiid replaces paper workbooks and tutoring institutions for multiple choice tests with its data-based adaptive learning technology.

  • Business
  • Seoul , South Korea
  • Founded 2014

Raising $ 1,500,000

Investment



Closed

         

The Goal

Riiid wants to achieve Standardization of Education.
Riiid replaces paper workbooks and tutoring institutions for multiple choice tests with its data-based adaptive learning technology.



Background

• 200,000 registered users (only for TOEIC, launched in March, 2016; it's a must-have app for TOEIC takers now)

• 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 Valuation

10% Equity

Company Description

Anually, 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.



Products & Services


Santa for TOEIC L/C |

TOEIC listening skills practice programs

Using prior Santa TOEIC application, the users now can practice their TOEIC Listening skills. The program covers TOEIC Listening part 1- part 4.




Santa! |

the most technically advanced adaptive learning solution for multiple choice tests

Anually, 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)

Mutiple choice test still exits 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, annually taken by 5,000,000 people 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 adaptive learning 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 and analyzing the questions 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.





Featured Team

Name Bio Contact
YJ (Young-Jun) Jang CEO

Message

Hangi Kim Undisclosed

Message

Kyung-Yeol Kim Undisclosed

Message

ym cha Undisclosed

Message

Jaewe Heo Undisclosed

Message

양윤아 Undisclosed

Message

Yunsu Park Undisclosed

Message


Funding

| Total Funding Amount: $3.4 million

KRW 1.5 billion ($ 1.4 million) | April 2017 | Series B

Investor Name Description Country
DSC Investment South Korea
ES Investor South Korea


KRW 2.0 billion ($ 1.8 million) | January 2016 | Series A

Investor Name Description Country
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 ($ 184,842) | July 2015 | Seed

Investor Name Description Country
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



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