Clevai, a Vietnamese after-school tutoring platform for K-12 children, has raised US$2.1 million in a pre-Series A funding round headed by Altara Ventures in Singapore.
According to DealStreetAsia, existing investors such as FEBE Ventures, a Vietnam and Southeast Asia-focused venture capital firm, and FJ Labs, a New York-based marketplace investing business, have also joined.
Clevai’s live-streaming infrastructure will be strengthened, and AI-driven customised learning capabilities will be improved, thanks to the new financing. IP will also be pursued by the company, with a goal of servicing 20,000 students or more. Their claims to have Harvard, Oxford, and Google advisers on board to help it achieve this goal.
Clevai is an AI-enabled after-school teaching platform for children in kindergarten (K) to the 12th grade, founded in 2020 by CEO Tran Manh Thang and two other co-founders (K-12).
Clevai Math, the edutech startup’s flagship offering, offers live-streaming math lessons with teachers from the country’s “top-tier schools.” It also includes AI support to aid students in completing extra and practical activities.
According to the company’s website, its adaptive learning strategy will analyze each student’s learning history and provide personalized learning experiences via timely feedback, resources, and paths to ensure the greatest possible individual progress.
Vietnamese parents, according to a Bain & Company study, see education as the most important factor in achieving a successful career. In comparison to other Southeast Asian counterparts, the average Vietnamese household spends around 20% of their discretionary income on schooling.
A flurry of Vietnamese edutech firms have secured money in 2021 as the epidemic causes kids to stay at home and schools to adopt online learning in large numbers. Equest (US$100 million from KKR), Elsa (US$15 million Series B led by Vietnam Investments Group), Educa Corporation (US$2 million Series A from Alibaba-backed eWTP), Marathon Education (US$1.5 million in seed funding), and, most recently, CoderSchool (US$2.6 million pre-Series A led by Monk’s Hill Ventures).
According to Ken Research, the Vietnamese e-learning industry is anticipated to be valued at more than US $3 billion by the end of 2023, as more international companies enter the sector.