Artificial intelligence-based edtech platform SpeEdLabs on Wednesday said it has marked final close of its pre-Series round at $2.5 million after raising capital led by 35 North Venture - India Discovery Fund.
The round also saw participation from investors including Mumbai Angels, LetsVenture, Ecosystem Ventures, Ah Ventures, SucSeed Ventures and a few family offices.
The Mumbai-based firm plans to use the fresh money to grow its presence and strengthen infrastructure.
Founded in 2016, SpeEdLabs claims to have over 3,000 business-to-business B2B tutorials clients in K-12 and test prep segment across 200 cities in India. By June 2022, the startup is on track to generate Rs 1.5 crore each month.
With its team of global industry veterans, the India Discovery Fund aids founders with a core backbone support of operations, marketing and finance to support the growth plans of its investee companies.
“We will invest about $2 million in SpeEdLabs, an AI enabled edtech services platform for the Indian tuition market. A part of these funds was released earlier this week. The enablement of personalized and customized feedback and education for the students in a hybrid model is the need of the hour.
A one-size fit does not suit students in a conventional set-up and the traction experienced by SpeEdLabs is a testimony to this fact,” said Rajarshi Roy, media spokesperson of India Discovery Fund.
“To help students achieve their full potential, the SpeEdLabs platform employs data-driven hyper customization, dynamic adaptive learning, algo-driven automated content management, and analytical data visualisation. SpeEdLabs will aim to expand their presence to 800 locations throughout 23 states in the country, allowing over 10million students and empowering over 50,000 teachers,” said Vivek Varshney, founder of SpeEdLabs.
The edtech space in India has been garnering investors’ attention for quite some time.
Early this month, Bengaluru-based edtech startup ForeignAdmits secured a fresh funding of Rs 3.26 crore (around $423,000) from early-stage investor Unicorn India Ventures.
In November last year, edtech startup BrightChamps Tech Pvt Ltd, which offers new-age online courses like programming, artificial intelligence, design thinking and financial literacy, raised $63 million at a valuation of nearly $500 million.