Riiid Inc ("Riiid"), a leading AI education company and a member of Born2Global Centre, has raised $175 million investment from SoftBank Vision Fund 2*. To accelerate the pace of capturing opportunities in the global education market, SoftBank Vision Fund 2 led the round as the sole investor, which brings Riiid's total funding to $250 million. It is Riiid's largest funding round to date.
"Riiid wants to transform education with AI, and achieve a true democratization of educational opportunities," said Riiid CEO YJ 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.
Over the past year, Riiid Labs, the global arm of Riiid, has expanded the company's market across the U.S., South America, Middle East and Asia with partners such as Kaplan, ConnecME, Grupo INICIE, and Casa Grande, combining Riiid's AI technology and the content provided by those companies to create personalized learning services.
Riiid will use the new funding to further strengthen its AI technology and extend its global technology lead in AI for education. Riiid is establishing R&D centers and data labeling centers in the U.S., Canada, and Ghana to attract global talent and to build out its technical infrastructure.
Riiid continues to attract top global talent in education, including Marten Roorda, the former CEO of testing non-profit organization ACT, and Jim Larimore who brings two decades of education leadership experience at the Bill & Melinda Gates Foundation, Dartmouth College, Swarthmore College, NYU Abu Dhabi, and Stanford University.
"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 Greg Moon, Managing Partner at SoftBank Investment Advisers. "We are delighted to partner with YJ and the Riiid team to support their ambition of democratizing quality education around the world."
4DReplay, a member company of the Born2Global Centre, will be providing its 4DLive solution for Japanese multinational company Softbank's 5G mobile communications service. 4DReplay has been an active member of the Born2Global Centre since 2017.
4DLive is a media technology that enables immersive viewing of sports events on a mobile device. In early March this year, Softbank announced the details of its 5G services, highlighting one that utilizes 4DLive. Softbank has converged 5G with baseball games and other sports events. 5G supports high speed transmission of large-scale data, and will be utilized to relay a new type of sports videos in real time, including time-slicing at any angle.
4DReplay specializes in solutions creating 4-dimensional realistic videos. It is a technology that creates videos that leap beyond the boundaries of time and space using multiple 4K cameras. The essence is a function that allows viewers to watch a video at any given point in time. When applied to sports, movies, and television, it offers exhilarating scenes in real time. Unlike previous filming methods that are more focused on space, this technology showcases the movement of a subject from a 360° angle at any given moment.
Since first entering the US market in 2016, 4DReplay's technology has become recognized globally. Its realistic media technology has been used in the broadcast of major sports events, including those involving the NBA, NHL, MLB and PGA Championships, and UFC matches. The 4DReplay solution was utilized in the MLB World Series in 2019 and garnered great interest among baseball fans around the world. It is also being utilized for Korea's professional baseball league, which opened this year on May 5, and videos are being aired of all games taking place in Jamsil Stadium using 4DReplay technology.
In step with the increasing trend in "untact" (no-contact) media relay, 4DReplay plans to expand its reach globally, and is currently pursuing contracts with global telecommunications companies in North America and China.
Hongsu Jung, CEO of 4DReplay, said, "With the spread of an 'untact' culture, i.e., the social distancing that is prevalent due to the proliferation of COVD-19, we are seeing a rapid increase in inquiries not only from global media outlets and telecommunications companies wishing to relay videos using 4DReplay's time-slicing realistic media technology but also countries that have launched or are planning to launch 5G services."