SoftBank-backed Korean edtech startup Riiid acquires Langoo, expands in Japan   – TechCrunch

RiiidHas expanded its footprint in Japan by acquiring Langoo, an AI-powered educational technology company headquartered in South Korea and a Japanese sales partner.

The acquisition will take place later The company’s latest $ 175 million Series D round From SoftBank Vision Fund 2 in May. Riiid states that funding will continue to drive global expansion.

Langoo, Riiid’s partner in Japan, offers Riiid Tutor, formerly known as Santa, as a test preparation app for the TOEIC English Proficiency Test in the region. Riiid claims that more than 2.5 million users in South Korea and Japan have downloaded the Riiid Tutor app. Launched in Japan in April 2019, the Riiid Tutor app ranked top in sales among Android educational applications within a week of its release.

“Langoo’s extraordinary ability to do business locally with Riiid Tutor was the main reason for this acquisition,” said Riiid YJ Yang, co-founder and CEO. “Riiid’s strength is its scalability and ability to apply technology anywhere, regardless of region, language or domain. We will leverage this investment to capture a wider range of Japanese market opportunities. Ultimately, it’s the first step in an inorganic strategy that applies Riiid’s AI technology to the global market and helps more learners around the world. ”

Japan is one of the largest education markets and has great potential for growth in Japan’s education engineering industry, which still relies on traditional face-to-face education systems, a Riiid spokeswoman told TechCrunch. After entering the Japanese market, Riiid prepares for entry into other international regions, including Central and East Asia, a spokesman added.

The distance learning industry in Japan is estimated to be $ 2.6 billion in 2020, an increase of 22.4% over the previous year. Report According to Yano Research Institute.

Riiid plans to strengthen marketing, sales and B2B business development in Japan by establishing a Japanese unit through the acquisition. The company expects to work on regional distance learning and education in the market.

In Japan, Riiid will expand its customer base by providing services ranging from TOEIC to English-speaking tutoring services.

After opening the US division of Riiid Labs in Silicon Valley, Riiid has been aggressively penetrating the global market since 2020. Riiid also has users in Vietnam and Taiwan, but recently Conclude a partnership agreement A spokeswoman said it has partnered with an India-based AIedtech company.MeA spokeswoman added that he plans to open a research and development center in Canada.

Beyond the TOEIC mobile app, the company Release ACTprep mobile app ConnectMe Education In early 2021, in Egypt, Turkey, United Arab Emirates, Jordan and Saudi Arabia. In 2021, we partnered with Kaplan to announce the GMAT beta version, aiming for the Korean market first. Riiid plans to launch Riiid Classroom in the first quarter of 2022, an AI-based solution that provides formative assessment and learning programs to teachers. Its main features include individual performance analysis, lecture recommendations based on individual student weaknesses, dropout analysis, and task management.

Riiid offers AI-based online education solutions for higher education and corporate training from kindergarten to high school. Founded in 2014, it employs approximately 210 people worldwide, including South Korea, the United States, the United Kingdom, Canada, Brazil and Vietnam.

SoftBank-backed Korean edtech startup Riiid acquires Langoo, expands in Japan   – TechCrunch Source link SoftBank-backed Korean edtech startup Riiid acquires Langoo, expands in Japan   – TechCrunch

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