Korean Edutech startup RiiiD is paving the way for the future of the education industry with its personalised learning platform based on Artificial Intelligence. The Edutech startup’s application SANTA TOEIC (Test of English for International Communication) gives customised solutions for boosting TOEIC scores based on a user’s learning behaviour.
Learning & Improvising based on AI-based technology
SANTA TOEIC is an innovative AI TOEIC learning solution that provides users with a personalised shortest learning path. The machine learning algorithm jointly developed by KAIST (Korea Advanced Institute of Science and Technology) and RiiiD’s AI research teams, analyses each user’s ability in real time to offer the most optimal—time-saving and cost-efficient—custom learning curriculum.
The app provides students with a custom-made curriculum continuously updated based on their abilities. TOEIC test questions are provided and are automatically graded and analysed. It also reinforces vulnerabilities based on the wrong problem, such as the wrong answer note. The app also has a system for predicting the problems that would fit with future problems. Therefore, there is no need to solve many problems. After a diagnostic assessment, SANTA TOEIC will show you the problems and video lectures you need to solve to get the target score. Users can be prepared for vulnerabilities with minimal problems.
To prove the validity of the AI-based learning solution, the startup had conducted a score improvement study between 204 and 2017 with 1500 beta users. The users had studied an average of 7.4 hours with SANTA TOEIC and achieved a 56-point improvement.
SANTA had over 250,000 cumulative subscribers within six months of its launch in June 2017. The app had been selected as the best-selling app in the education category at the App store within three months of its launch. SANTA TOEIC is provided via mobile apps and web-based platform.
Vision to expand and revolutionise learning
In April 2018, the startup had US $10.77 million in its Series B round of funding. Venture Capitalists including Korea Investment Partners, Company K Partners, Partners Investment, Huayi Investment, ES Investor and NP Equity Partners have invested in the education startup.
According to sources, the company reached a break-even point just four months after it launched a paywall for SANTA for TOEIC. This helped it attain additional funding, most of which is to be used for research and development.
“We hope to reshape the education market to base it on technology, and not just trendy gimmicks,” is what the CEO of RiiiD Jang Young-joon had said in a media statement.
In 2016, the firm had received funds worth 2 billion won or US $1.7 million in Series A funding from investors including DSC Investment and DS Asset. It also received over 900 million won or US $80k from investors including SK Planet and Nexon’s co-founder and EOGF Partners Chairman Kim Sang-Bum.
The company owns 14 patents on its technology in countries including Korea, the US, China, and Japan. The startup wants to accelerate its business expansion to more diverse areas. RiiiD expects to launch its machine learning engine into Vietnam and China by 2020.
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