South Korean edtech startup Mathpresso adds Google as an investor – TechCrunch

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Mathpresso, the Seoul-based education technology company behind QANDA, an AI-based education app for K-12 students, announced today that it has added Google as a new investor.

The company said the undisclosed Google investment is not part of the Series C that was raised in June, without providing its assessment.

The additional investment event comes five months after its $50 million Series C launch, which brought its total funding to $105 million as of June. The company’s previous backers are SoftBank Venture Asia, MiraeAsset Venture Investment, Smilegate Investment, Samsung Venture Investment Corporation and Legend Capital.

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Mathpresso expects to create synergies with Google in terms of global market expansion and technological advancement.

More than 85% of QANDA users are from outside Korea, Japan, and Southeast Asia. The Seoul-based startup has offices in Tokyo, Hanoi, Jakarta and Bangkok and offers seven languages: English, Spanish, Korean, Japanese, Thai, Vietnamese and Indonesian.

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Mathpresso was founded in 2015 by co-CEO Ray Lee and Jake Lee, who developed QANDA as a 1:1 service platform for questions and answers. In 2016, Mathpresso launched QANDA, which provides detailed math solutions and customized educational content that caters to every user’s level. QANDA’s Optical Character Recognition (OCR) technology, which was added in 2017, recognizes text and mathematical formulas in an image and enables users to search for answers in seconds.

The statement said that nearly 10 million photos are uploaded daily to the Qanda platform. The company claims that the QANDA app has collected more than 45 million registered users and 3 billion educational data points, with more than 12 million monthly active users in 50 countries.

Mathpresso added new features on QANDA earlier this year, including a premium subscription model that offers unlimited “byte size” small video lectures and a community feature that promotes collaborative learning such as an online study group.

“The Google investment opens exciting opportunities for Mathpresso and enhances our ability to serve students around the world,” said Chief Financial Officer Su Nam. “Together with our recent Series C funding, this investment will help us accelerate our expansion into the global market as well as our technology advancement.”

QANDA is available on Android, iOS, and Web.

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