Edusuite, a Philippines-based startup that uses artificial intelligence technology to help schools optimise performance, announced that it has raised 12 million pesos ($235,000) in seed funding from a group of angel investors.
The seed funding round was backed by angel investors from the Manila Angel Investors Network (MAIN) and two of Edusuite’s existing clients – Batangas Eastern Colleges (BEC) and Sumulong College of Arts and Sciences.
The seed round was closed just six months after its launch and valued the two-year-old Department of Science and Technology-funded startup at 68 million pesos ($1.3 million).
The latest funding round is a prelude to a planned Series A round between 20 and 28 months from now, when Edusuite is ready to expand to international markets, co-founder and CEO Niel Dagondon told DealStreetAsia.
“The funding will help Edusuite in three areas. First is for a nationwide marketing campaign, second, it will increase Edusuite’s capacity to handle more schools concurrently, and lastly, it will further product development with new modules and platforms such as a mobile app,” Dagondon said.
Edusuite offers AI-powered school management system for K-12 to college levels. The technology analyses data and resources of schools to help administrators, faculty, and students optimise their resources and make smart decisions, the firm said.
For example, the platform can predict the demand for each subject a college will offer in the following school term, so that the school can open the exact number of sections and hire the right number of faculty, drastically improving the profitability of the school.
Edusuite’s software was launched commercially last year and already has seven schools in its client portfolio, including Ateneo High School and CIIT College.
“It is aligned with our school’s thrust of blending education with technology to be globally competitive,” says Euneil Castillo, School Administrator of BEC, one of the funding round’s backers.
Edusuite “solves real problems” for schools, especially in increasing revenue, according to Jay Chan of MAIN. “I did not see others in this space doing so,” he added.
Edusuite was founded by Dagondon and Calen Legaspi, who are now the firm’s CEO and CTO, respectively. Dagondon is a four-time serial entrepreneur, with a prominent exit from Anino Games, at the time the largest game development firm in the Philippines.
As of last year, the Philippines has a total of 2,353 higher education institutions, with a combined enrollment of about 3 million students, according to data from the Commission on Higher Education.
Last year, Manila-based edtech startup Edukasyon raised an undisclosed amount in a pre-Series A funding round backed by KSR Ventures and French Partners, ahead of its planned Series A.
Edukasyon said it will use the fresh funds to further expand in the Philippines and add new verticals in the marketplace. It also seeks to integrate data science for its growing user base.
Founded in 2015, Edukasyon claims to connect more than 1 million students every month to more than 10,000 educational institutions both in the Philippines and abroad. It aims to cater to 50 million students in the ASEAN region by 2020.