Conicle, a Thai edutech startup focused on providing learning solutions for corporates, has raised US$3 million in a Series A funding round.
Participating investors included InVent, the corporate VC arm of Intouch Holdings, besides 500TuksTuks, Stormbreaker Venture, and Stundi.
The fresh funds will go towards bankrolling Conicle’s business growth plans, which include being the local market leader for corporate learning solutions and overseas expansion.
Founded in 2014, Conical’s learning management platform help organizations enhance employee capabilities and efficiency. Its ConicleX offering is akin to a “cloud university” where employees can learn skills including business acumen, data analysis, and personnel management.
The company shared it serves over 50 organizations and has more than one million users.
“At Conicle, we focus on developing new technologies and services that can educate people and simplify learning. This will improve personal capabilities and provide organizations with better tools and processes for people development. Learning is not limited to a physical campus but will become a lifelong activity,” said Nakorn Phuekphiphatmet, co-founder and CEO of Conicle.
“Because the body of knowledge is growing and new skills are required all the time, Conicle has developed a platform similar to an online university where people and organizations can learn throughout their lives. The design concept has been geared towards the redefinition of learning, not just e-learning or online courses, but the perception of learning as a combined process and tailored to different personal demands,” he further shared.
“The investment in Conicle is based on promising growth that follows changes in learning behavior, and is in line with the conceptual framework of the companies in the group to focus on people development by upgrading education to enhance the nation’s competitiveness,” remarked Narongpon Boonsongpaisan, Head of InVent.
“Within the next three to five years, over 47 percent of tasks will be undertaken by robots so about half the existing jobs will disappear. AI and robotics will be the base for a new wave of digital disruption. Inequality will widen, not to mention a wider gap in technological knowledge. Therefore, reskilling is an urgent issue,” said Krating Poonpol, Managing Partner of 500 TukTuks and founder of StormBreaker Venture.