Artificial Intelligence(AI) is becoming an integral part of every critical sector that affects our daily lives. The field of Education is where it is now bringing in enormous innovation and making learning better, more accessible. E-learning, virtual assistance, cloud technology, etc. are increasing in demand.
Korean EduTech RiiiD, with its personalized AI-based e-learning platform, is leading the market for English learning. The startup’s application SANTA TOEIC (Test of English for International Communication), gives customized solutions for boosting TOEIC scores based on a user’s learning behavior.
With the AI-based learning market expected to grow to $6 billion in size by 2024, the future of RiiiD is sure set to be a grand success.
AI-powered Personalised Learning for Users
RiiiD’s platform SANTA TOEIC is an innovative AI-powered TOEIC learning solution that provides users with a personalized shortest learning path. The deep learning algorithm developed by Riiid’s AI research team, analyses each user’s ability in real-time to offer the most optimal—time-saving and cost-efficient—custom learning curriculum.
The service provides a diagnostic test which assesses a user within 5 to 10 questions and offers an estimated score. A customized learning path for the fastest score raise is then constructed for the analyzed user, and each question is recommended in order of its efficiency. The user is analyzed in real-time while studying with SANTA TOEIC, and the lectures are offered every time a weak point is detected.
According to the firm’s recent data, Santa TOEIC users achieved increase of about 130 points in average after studying 20 hours with the solution, which demonstrates much higher learning effectivity and efficiency than studying with human tutors.
“We hope to reshape the education market to base it on technology, and not just trendy gimmicks CEO of RiiiD Young jun Jang.
Revolutionizing Education with AI & Funding History
SANTA TOEIC is provided via mobile apps and web-based platforms. The mobile-based application ‘Santa TOIEC’ is growing at a faster rate. The popularity of the platform can be gauged by the number of subscribers it got within six months of its launch n June 2017, which is over 250,000. The cumulative number of users of SANTA TOEIC is now over 1.1 million. The main products offered at present by RiiiD are SANTA TOIEC, SANTA SAT, and SANTA TOIEC for Japan.
In 2019, RiiiD secured $18 million through its Series C funding round, which was led by Premier Partners, Alpenroute Asset Management, DSC Investment, IMM Investment, Korea Growth Investment Corporation, and D Ventures Private Investment Fund. In April 2018, the startup had $10.77 million in its Series B round of funding. Venture Capitalists, including Korea Investment Partners, Company K Partners, Partners Investment, Huayi Investment, ES Investor, and NP Equity Partners, have invested in the education startup. In 2016, the firm had received funds worth 2 billion won or $1.7 million in Series A funding from investors, including DSC Investment and DS Asset. So far, Riiid has secured $15 million in funding in total.
The company has registered 41 patents and patent applications on its machine learning algorithm and other technologies in both Korea and overseas. The startup wants to accelerate its business expansion to more diverse areas. Riiid expects to launch its SAT service in the US as well.