AI and edutech startup Riiid has raised venture capital of an undisclosed amount from DSC Investment, ES Investor and Daesung Private Equity. The latest investment comes one year after it raised 2 billion won (USD $1.76m) in Series A funding from DSC Investment.
Riiid specializes in developing AI powered platforms that help students with studying for multiple-choice exams such as TOEIC, TOEFL and SATs. Its software analyzes students’ weak points and provides the best problems to match their level.
Developed, in-house the AI technology named ‘AI Tutor’ has already received received recognition worldwide, with patents in Korea, China, Japan and the US. It was also announced in an academic paper for a NIPS (Neural Information Processing Systems) workshop.
Set to be released some time later this year, AI Tutor is able to predict students’ scores and help guide them through the shortest route to achieve their goals. Riiid has also launched an app named ‘Santa for TOEIC’, where English learners can try out some of the technology for themselves.
“Riiid may have started with the TOEIC market, but through due diligence and simulations we found that it can be applied directly all other multiple-choice exams such as TOEFL, SAT and GRE,” says Lee Jun-seo from ES Investor. “Because the technology doesn’t require any manual intervention, we believe expanding to different exams will be a quick process.”
According to Riiid, the latest investment will to be used to bolster its AI Tutor platform with machine learning, deep learning and natural language technology.