The largest education management company in the nation, YBM, and Signite Partners, the corporate venture capital division of regional conglomerate Shinsegae Group, have provided further money to Mathpresso, a South Korean edtech company, for its series C round.
The transaction raises Mathpresso’s total funding from the round to around US $70 million, an increase from the US $50 million it raised in July of last year. Since its founding, the company has collected more than US $122 million.
The primary product of Mathpresso, a company founded in 2015, is Qanda, a mobile learning platform for K–12 pupils. It can decipher mathematical equations and text queries from a picture and deliver the answers.
More than 14 million students from more than 50 countries use the site each month. Most of its users, or 87%, are from countries other than South Korea and are students who mostly reside in Vietnam, Indonesia, Thailand, and Japan.
Ray Lee and Jake Lee, pals from high school, founded Mathpresso. Its main office is in Seoul, and it also has locations in Tokyo, Hanoi, and Jakarta. Its investors include Google, GGV Capital, and Legend Capital.
The company intends to improve its offerings and execution with the new cash.
