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AI solutions start-up, Riiid raises $41.8m pre Series D round

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Korean Development Bank has invested $41.8 million in a funding round that brings the startup’s total funding to US$70.2 million.

Riiid offers Santa, a mobile test prep application for the popular English proficiency exam, Test of English for International Communication (TOEIC). Santa has been used by more than a million students in Korea and Japan, it claims.

It plans to advance Riiid’s proprietary deep learning technology that offers personalized test-prep solutions based on precise data diagnosis.

To work on providing a ‘formative learning’ support solution to the education market, helping achieve learning objectives through continuous evaluation and feedback on performance in the entire learning process rather than preparing for specific tests.

It established that its main mandate is to accelerate its global expansion across the US, South America, the Middle East, and beyond.

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