Leading AI education company Riiid Inc has announced that it raised $175 million in funding from SoftBank Vision Fund 2, the sole investor that led the round. With the goal of accelerating the pace of AI in the global education market, Riiid’s total funding is now at $250 million, with the latest funding round being the company’s largest to date.
YJ Jang is CEO of Riiid.
“Riiid wants to transform education with AI, and achieve a true democratization of educational opportunities,” said Jang. “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,” he added.
Riiid Labs is the global arm of Riiid that has been focused on expanding the company’s market across the U.S., South America, Middle East and Asia. It has established partnerships with Kaplan, ConnecMe, Grupo INICIE, and Casa Grande. By combining Riiid’s AI technology with the content from those companies, personalized learning services can be developed.
The new funding will help Riiid further advance its AI technology and spread its global reach as a leader in AI education. The company is establishing R&D centers and data labeling centers in the U.S., Canada, and Ghana with the aim to attract global talent and build technical infrastructure.
Riiid has attracted global talent like Marten Roorda, former CEO of testing non-profit organization ACT, as well as Jim Larimore, who has 20 years of experience at the Bill & Melinda Gates Foundation, Dartmouth College, Swarthmore College, NYU Abu Dhabi, and Stanford University.
Greg Moon is Managing Partner at Softbank Investment Advisers.
“Riiiid is driving a paradigm shift in education, from a ‘one size fits all’ approach to personalized instruction. Powered by AI and machine learning, Riiid’s platform provides education companies, schools and students with personalized plans and tools to optimize learning potential,” said Moon. “We are delighted to partner with YJ and the Riiid team to support their ambition of democratizing quality education around the world.”
Shifting Education With AI Tech
Riiid was named in the 2021 CB Insights AI 100 list of the most innovative AI startups. With its headquarters in Korea, the company focuses on leveraging the power of AI to shift education with technology, enabling personalized instruction for all students and the democratization of education anywhere.
The company’s research has been published and presented at top AI conferences like NeurlPS and CSEDU, and it has applied for over 103 patents, with 27 of them registered.
Make sure to check out our interview with Yohan Lee, Chief Strategy Officer at Riiid Labs.