Thursday, October 6, 2022
Home Gadgets South Korean edtech startup Mathpresso adds Google as an investor

South Korean edtech startup Mathpresso adds Google as an investor

Mathpresso, the Seoul-based edtech company behind QANDA, an AI-based learning app for K-12 students, announced today it has added Google as a new investor.

Google’s undisclosed investment is not part of its Series C raised in June, the company said without providing its valuation.

The additional investment event comes five months after its $50 million Series C, which brought its total funding to $105 million as of June. The company’s previous backers include SoftBank Venture Asia, MiraeAsset Venture Investment, Smilegate Investment, Samsung Venture Investment Corporation and Legend Capital.

Mathpresso expects to create synergies with Google in terms of its global market expansion and technological advancement.

More than 85% of QANDA’s users are outside of Korea, in Japan and Southeast Asia. The Seoul-headquartered startup has offices in Tokyo, Hanoi, Jakarta and Bangkok and offers seven languages: English, Spanish, Korean, Japanese, Thai, Vietnamese and Indonesian.

Mathpresso was founded in 2015 by co-CEO Ray Lee and Jake Lee, who developed QANDA as a 1:1 Q&A service platform. In 2016, Mathpresso launched QANDA, which provides detailed math solutions and personalized learning content catered to each user’s level. QANDA’s AI-based optical character recognition (OCR) technology, added in 2017, recognizes text and mathematical formulas in a photo and enables users to search for answers in seconds.

Approximately 10 million photos are uploaded every day on QANDA platform, the statement said. The company claims that the QANDA app has amassed over 45 million registered users and 3 billion education data points, with over 12 million monthly active users in 50 countries.

Mathpresso added new features on QANDA earlier this year, including the premium subscription model that offers unlimited “byte-sized” micro-video lectures and the community feature that enhances collaborative learning like an online study group.

“The investment by Google opens up exciting opportunities for Mathpresso and enhances our ability to serve students around the world,” said Chief Financial Officer of Mathpresseo Soo Nahm. “Together with the recent Series C funding, this investment will help us accelerate our global market expansion as well as our technological advancement.”

QANDA is available on Android, iOS and Web.

- Advertisment -

Most Popular

Former Calgary Dino now a rookie with NFL’s Los Angeles Chargers

Canadian Deane Leonard has certainly taken the path less travelled to the NFL’s Los Angeles Chargers. The 22-year-old cornerback is in his rookie season with...

‘Impact success!’ Nasa spacecraft smashes asteroid in first ever ‘planetary defence test’

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Nasa has successfully crashed a spacecraft into a small asteroid...

TikTok could face £27m fine for failing to protect children’s privacy

TikTok could face £27m fine for failing to protect children’s privacyInvestigation finds video-sharing app may have breached UK data protection law between 2018 and...

Eight states sue crypto lender Nexo over security sales and misleading marketing

/ New York’s attorney general alleges that the company’s Earn Interest Product was a security, one that the company wasn’t registered to sell,...