Telecommunications and internet group SoftBank’s Vision Fund 2 provided $175m in funding for South Korea-based intelligent education software provider Riiid yesterday.
Riiid has developed artificial intelligence technology used to personalise education, and will utilise the cash to enhance that technology. It is also looking to build out research and development and data labelling hubs across the United States, Canada and Ghana.
DSC Investment, DS Asset Investment and Shinhan Capital supplied $1.7m in series A funding for Riiid in 2016 before DSC Investment, ES Investor and Daesung Private Equity added $1.8m the following year.
The company then raised $18m from Premier Partners, Alpenroute Asset Management, DSC Investment, IMM Investment, Korea Growth Investment Corporation and D Ventures Private Investment Fund in a July 2019 series C round.
IMM Investment returned for a $41.8m pre-series D round in July 2020 that also featured Korea Development Bank, Nvestor and Intervest. Riiid said it has now received $250m in funding altogether.
Greg Moon, managing partner at SoftBank Investment Advisers, which manages Vision Fund 2, said: “Riiiid is driving a paradigm shift in education, from a ‘one size fits all’ approach to personalised instruction.
“Powered by AI and machine learning, Riiid’s platform provides education companies, schools and students with personalised plans and tools to optimise learning potential.
“We are delighted to partner with [Riiid CEO YJ Jang] and the Riiid team to support their ambition of democratising quality education around the world.”
