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.