The company's esports edtech solution, designed to help players enhance their skills, was highly rated.
SEOUL, South Korea, Nov. 15, 2022 /PRNewswire/ -- A Korean startup recognized for its global growth potential won the Platinum Prize, which is the highest award, at the 3rd Asia Edtech Summit (AES) Global Award held in Tokyo on November 1, 2022. This company received high scores on evaluation items such as novelty, reliability, usefulness, application of technology, and business promotion. Having been thus honored, the company is now attracting greater attention in the industry.
The company that received this award is The Match Lab (CEO Byun Sungchul).
The Match Lab, a member of the Born2Global Centre (CEO Kim Jong-kap) and one of the most trusted startups in the Korean esports education industry, was co-founded by CEO Byun Sungchul, a first-generation professional gamer, game team coach, and global esports event organizer who has been building his career since 1999, and CGO Won Youngju, who has been working as a cultural content creator and education planner for over 15 years.
"MY GAME TIPS /mgt.gg" is a coaching tool and gamer edtech solution that has been researched and developed for two years based on the established expertise of an offline academy that trained amateur gamers to become professionals. Just by browsing their nickname in the game, users can be evaluated of their game skills and weaknesses and recommendations of appropriate video content containing tips from professional coaches.
In particular, optimized tips in video are produced after extracting specific replays using Search tool that enables coaches to search for desired condition data. After the completion of internal testing, this video content will be linked with the coaching tool.
MY GAME TIPS /mgt.gg, officially launched on September 13, was used for a data coaching program that was created for advanced gamers wanting to start a career as an esports coach in July and August of this year. In the initial research phase in 2020 and 2021, we applied our data coaching program to data analysis, coaching, and player selection of the Tier 1 professional game teams in Korea, Turkey, and Vietnam. In doing so, we conducted various experiments to provide realistic coaching solutions.
The Platinum Prize gave The Match Lab an opportunity to expand its education services from game generation to the educational ecosystem, going beyond esports. Starting next year, the company plans to cooperate with game teams, universities, and international organizations to advance into the global market.
The Match Lab has also operated an esports lab academy certified by the Ministry of Education with the goal of enhancing gamers' ability through the identification of problems and development of problem-solving technologies. The company became a member of the Born2Global Centre in Pangyo in 2022 and is promoting the advancement and global expansion of "mgt.gg," its edtech solution for gamers.
Founded in 2015, Mathpresso is a global edtech company that provides educational content to students with the mission of providing the most effective education for all. They have developed their own AI-based optical character reading (OCR) technology that recognizes Korean and mathematical expressions simultaneously. Based on more than 2.3 billion commentary data in its own search engine, 'Qanda', the world's leading personalized learning platform, operates to search for optimal solutions.
Thus far, Mathpresso has received a cumulative investment of approximately $104M (120B KRW). In this Series C round of roughly $48M (56B KRW), new investors Yellowdog, GGV Capital, Goodwater Capital, and Korea Development Bank joined alongside existing investors of Softbank Ventures, Legend Capital, Mirae Asset Venture Investment, and Smilegate Investment.
This last round in particular, announced on June 29, is garnering much attention in that many leading global edtech investors have participated. Legend Capital, a leading VC in China, has famous global edtech companies in its portfolio, such as China's Zuoyebang and India's Vedantu. GGV, the first domestic investor and a new investor, also has strengths in global edtech investments and is a global VC that has already invested in numerous unicorn companies, such as Airbnb, Alibaba, Grab, and Slack. Yellow Dog, an impact investment company that has invested in domestic and foreign edtech companies focused on improving accessibility and high-quality educational services, such as Enuma and Classting, also participated in the investment.
Qanda, which started in 2016 as a 1:1 question-and-answer service with a teacher from a prestigious university, has gained great popularity after the introduction of an AI-based solution search function in October 2017. In Korea, it ranked number one for education in Google Play Store and App Store charts for four consecutive years, establishing itself as a national education app used by two out of three elementary, middle, and high school students. In November 2018, it expanded overseas starting with Japan and topped the education charts in 20 countries, including Japan, Indonesia, and Vietnam. Currently, it is used worldwide by 9.8 million students every month in over 50 countries and supports 7 languages. The average number of questions per day is more than 6.4 million, which means that about 74 questions are being uploaded every second.
Mathpresso predicted that the customized education system previously available only offline would be able to be implemented globally and more efficiently online. In fact, Qanda showed a greater-than-five-fold increase in monthly active users compared to the previous year in line with the growing need for contact-free education services and the spread of smartphones.
After confirming the demand for an integrated education platform, Mathpresso plans on launching a Qanda Premium subscription base in the second half of the year that will provide video commentary functions, as well as new features, such as a real-time ‘Qanda Class’ education solution and Qanda Community.
EdTech startup CLASSUM has raised a $6M Series A funding round led by Pearl Abyss Capital and Storm Ventures along with existing investors Big Basin Capital and Smilegate Investment.
“CLASSUM understands the core of communication, essential for education, that is missing from today’s LMS’s” says Kyung-yeop Kim, CEO of Pearl Abyss Capital. “Their team has the potential to lead change in the global education market.”
CLASSUM was founded in 2018 by Chaerin Lee and Youjin Choi, two female students at Korea Advanced Institute of Science and Technology (KAIST), to address the challenges they faced as learners. Now used by over 3,700 institutions worldwide, CLASSUM continues to break communication barriers and build learning environments that foster growth and collaboration. Users include institutions such as KAIST, Yonsei University, and Ewha Womans University, as well as global corporations including LG, Samsung Electronics, Shiseido, Hyundai, World Vision, and Prudential.
“We’ve found that the most valuable learning comes from critical thinking and human exchanges that often begin with asking questions, and that’s what we hope CLASSUM will bring to learners and educators around the world,” says co-founder and COO Youjin Choi.
CLASSUM is constantly updating new features, adding and improving support for a variety of course styles based on active feedback from users. Their latest update, new and improved ‘Live Sessions,’ marked the beginning of a new partnership with Zoom, a video-conferencing platform. Later this year, CLASSUM will introduce an intelligent AI assistant that analyzes engagement data accumulated through interactions.
“I’m amazed at CLASSUM’s growth and their users’ enthusiasm,” said Storm Ventures Managing Director Tae Hea Nahm. “I look forward to seeing CLASSUM become a global leader very soon.”