Riid, a South Korea-based AI tutor startup, raised $18 million in its Series C round from a slew of investors namely Premier Partners, Alpenroute Asset Management, DSC Investment, IMM Investment, Korea Growth Investment Corporation and D Ventures Private Investment Fund.
According to a statement issued by the company, Riid will invest the capital raised to beef up its R&D wing and enhance santA.Inside, its B2B service, which allows education businesses to provide educational services through AI and launch their own AI edutech brands.
Riiid CEO Young-Jun Jang said: “Riiid will transform the paradigm of the educational industry from a content-centered one to a technology-centered one. By entrusting the operation of complicated AI technologies to us, the educational companies that partner with Riiid will be able to focus their energy and attention on developing outstanding content.”
Young added that Riid aims to help customers study various types of content via AI-based predictive algorithms. The additional capital invested in R&D will help expand its services to other types of tests including the SAT and Korean civil service examination, as well as overseas edutech markets.
David Oh, principal of Premier Partners’ VC Division said, “Riiid is using AI technology that has already been internationally recognized and is gaining recognition in the market with its remarkable products. We followed through with this investment based on the fact that AI tutoring technology can be applied to diverse educational areas simultaneously and in parallel”
Riid counts on several academic institutions to support its research. SantA.Inside, for instance, was developed by a team of over 30 researchers from South Korean and overseas universities such as UC Berkeley, Yale, Seoul National University, KAIST, POSTECH, Korea University, and Hanyang University.
Riid has a total of 41 registered patents and patent applications under its name and claims to be the first Korean company to present a research paper on AI technology at the Conference on Neural Informational Processing Systems (NIPS), a global conference on AI.