Explico, an edtech startup with headquarters in Singapore, declared on Wednesday that it had successfully raised $1.4 million in pre-series A funding.
Explico said in a statement that key investors include Astonic Ventures Singapore, MAVIS TUTORIAL CENTRE, one of the largest local tuition centers, Singapore Asia Publishers, the renowned publishing house, and a few angel investors.
Explico intends to start growth expansion in Southeast Asia, more specifically in Vietnam and the Philippines, and Africa with the help of this new funding. It also plans to create a more comprehensive learning platform for students.
“The value of the global edtech market was $106.46 billion in 2021, and projected to grow annually by 16.5 percent, up to $404 billion in 2025,
“With English as one of the primary languages spoken in Southeast Asia and Africa, we look forward to scaling Explico in those regions, beginning with growth expansion plans to Vietnam and the Philippines in the first quarter of 2023,” said Sandesh Shetty, Chief Operating Officer, and Co-Founder.
Explico, a company founded in 2020, focuses on assessment using artificial intelligence (AI) and machine learning to assist students in identifying their unique and respective strengths and weaknesses so that a customized learning module can be created based on their specific needs.
Er Kwong Wah, a former permanent secretary of the Ministry of Education, and Yee Jenn Jong, the founder of AsknLearn, are members of the firm’s advisory board.
Explico is a member of the Microsoft for Startup Founders Hub, which gives them access to networking opportunities with global education sectors.
“We aspire to introduce and implement the most robust assessment-based educational system in Singapore,
“Our sessions are customized to suit the needs of individual students as we have a team of experienced tutors and educators in their respective fields who would be able to properly guide, mentor and educate the students and create a module that is suitable based on their assessment needs for them to excel,” said Ashutosh Shukla, Chief Executive Officer and Founder of Explico.
