The upcoming artificial intelligence (AI)-powered educational platform company Elice Inc. (Elice) in South Korea has raised a KRW 20 billion ($14.9 million) Series C round.
In a statement released on Monday, Elice said that Vertex Growth, a growth-stage venture capital fund supported by Vertex Holdings, a division of the international investment firm Temasek, is in charge of leading the new funding.
Altos Ventures is one of its participating investors.
The statement claims that the recently obtained funds will support their expansion into the Asia Pacific (APAC) region and enhance their organizational capabilities.
The business opened for business in Singapore last year, after establishing an office in the US in 2022.
EliceLXP (learning experience platform) will see improvements to enhance its AI capabilities and expand content libraries, enabling a global service offering.
In addition to quickening its growth in APAC, the company intends to enhance its capacity for AI research by constructing a sizable AI data center in Busan and utilizing its know-how in constructing portable modular data centers (PMDC).
The centre seeks to bring on tech talent with the goal of staffing Busan with a sizable AI workforce.
“This funding round has cemented our ambitions to establish ourselves as the undisputed leader in B2B technology education platform in South Korea,” said Kim Jae Won, Chief Executive Officer and Co-founder of Elice Inc.
“Our AI-driven education platform has attracted positive responses at various global exhibitions paving the way for our global business expansion,
“With the fresh funding, we plan to focus on expanding into global markets such as Singapore, the United States, and Japan along with building a domestic AI infrastructure that can provide a stable AI-driven education environment,” he added.
Elice, a South Korean startup that was the first to use artificial intelligence (AI) in education, was founded in 2015. Its training platform, EliceLXP, offers customized training solutions and a virtualized learning environment.
More than 1,800 institutional clients, including government and public institutions, major Korean corporations like SK, LG, and Hyundai, and universities like Seoul National University and KAIST, receive customized training on digital transformation from it.
