Artificial intelligence education company Riiid has raised $175 million from SoftBank’s Vision Fund 2.
This is Riiid’s largest funding round and takes the Seoul-based company’s total funding to $250 million.
Over the past year, Riiid Labs, the global arm of Riiid, has expanded the company’s market across the US, South America, the Middle East and Asia with partners such as Kaplan, ConnecME, Grupo INICIE, and Casa Grande, combining its AI technology and the content provided by its partner companies to create personalised learning services.
Riiid stated it will use the new funding to strengthen its AI technology and establish R&D centres and data labelling centres in the US, Canada, and Ghana to attract global talent and to build out its technical infrastructure.
Riiid’s chief executive YJ Jang said: “Riiid wants to transform education with AI, and achieve a true democratisation of educational opportunities. This investment is only the beginning of our journey in creating a new industry ecosystem and we will carry out this mission with global partnerships.”
Greg Moon, managing partner at SoftBank Investment Advisers, added: “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.”
Date published: 26 May 2021