Korea Development Bank invests in Riiid

The story: Riiid, an AI education solutions startup based in South Korea, has secured a US$41.8 million pre-Series D funding round. This brings its total funding to date to US$70.2 million.

Investors: Korea Development Bank (KDB), NVESTOR, Intervest, IMM Investment.

Plans with the capital:

  • To advance Riiid’s proprietary deep learning technology that offers personalised 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.
  • To accelerate its global expansion across the US, South America, the Middle East and beyond.

What is Riiid?:

  • It 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.
  • Riiid’s proprietary AI technology analyses student data and content, predicts scores and user behaviour, and recommends personalised study plans in real-time to help students optimise their learning potential.

500 Startups completes the first batches of Global Launch

The story: 500 Startups has announced that 24 innovative startups in the first batches of Global Launch have successfully completed the Singapore and San Francisco programmes.

Both go-to-market accelerator programmes are run in partnership with Enterprise Singapore (ESG) under the Global Innovation Alliance network.

The goal: To help global startups expand into Singapore (Global Launch Singapore) and Singapore-based startups establish a presence in the U.S. (Global Launch San Francisco).

The startups in the Singapore programme are

  • Atta.ai (Japan): A flight and accommodation comparison service that predicts the best-time-to-book.
  • 30 Seconds to Fly (US): Provides AI-driven workflow automation for travel management companies
  • Clotify (Poland/Korea): A mobile app platform that transforms product placement on TV into a measurable sales channel
  • Datagran: An AI data workspace that helps companies to build and put ML pipelines into production, fast without coding.
  • Longenesis (Latavia/Hong Kong): Helps to transform clinical data into life-saving shareable assets
  • Manet Mobile: A SaaS solution enabling hoteliers to offer a customisable, digital concierge service for their customers via mobile devices.
  • Metigy (Australia): A decision support technology made for SME marketers.
  • Naluri (Malaysia): A digital treatment programme that helps people manage their chronic disease risks and improve their mental health through personalised, digital health coaching and digital tools augmented by AI technology.
  • Goama (Malaysia / Bangladesh): A casual e-sports platform focused on emerging markets, empowering super apps to drive engagement.
  • Penbrothers (Philippines): An employment platform for startups and SMEs who want to scale their business through talent from the Philippines.

The startups in the San Francisco programme are

  • Artifact: Helps to put every student art show online so they can build connections, get hired, and grow their fans
  • Dinomao: Sells goods and services quickly through the form of entertainment
  • ELXR: A DNA-based fitness training system in Asia, providing personalised fitness training programs based on an individual’s current fitness level, genetics potential and goals
  • Ento: Aims to solve the problem of food insecurity. Its mission is to provide cheaper, healthier and more sustainable food source for the future
  • Envolve: Automates analytics for brick and mortar retailers using AI
  • Evie: Powers the next wave of intelligent automation across business operations with a next-generation cognitive collaboration platform
  • Holistics: Provides a single platform to set up, run and scale analytics on top of the customer’s cloud data warehouses
  • IOTA Medtech: Provides a scalable AI platform that prioritises patients that need care first and improves the workflow & productivity for clinicians
  • Micepaid: An enterprise event application and event management software platform
  • Plant Cartridge: Develops modern farming systems and undertakes turnkey large-scale production development for commercial growers using its patent pending cartridge system and controlled environment farming technology
  • Pencil: A creative AI company providing a generative content platform to e-commerce, brand and agency marketing teams
  • Wavel: Provides language solutions for businesses powered by A


Entrepreneur First unveils 7th Singapore cohort

The story: London-headquartered Entrepreneur First (EF) today unveiled its seventh cohort of nine deep-tech companies from Singapore.

The teams developed innovative solutions that address some of the world’s most pressing issues, including those impacting healthcare access and the environment. They cut across a diverse mix of industries, including biotech, fintech, and energy-tech.

The list of startups 

  • Allozymes: Leveraging microfluidics to build a fast and affordable enzyme development platform
  • BIOPONICS: Has developed a sustainable, bacteria-based solution as an alternative to chemical fertilizer production
  • Cocoon: Empowers creators to become entrepreneurs with an all-in-one micro-business platform that enables them to launch and manage their brand, community, and business from one place
  • DiviGas: Purifies and recovers hydrogen gas on an industrial scale with its nano-molecular filter, while helping to reduce overall carbon emissions
  • inPact: Improves data-driven decision making by extracting business insights from contracts and unstructured documents through an AI-powered enterprise SaaS
  • Origin Health: Its AI platform for pregnancy ultrasound scans expands access to quality prenatal care by improving the reliability of ultrasound screening procedures
  • Surge Analytics: Enables rapid and cost-effective R&D for batteries and energy storage systems, with its AI-powered SaaS simulation software
  • Venture L: Has developed a customisable platform for freelancers that integrates different tools, knowledge hubs and provides workflow visibility, to enable them to scale and build their business
  • Waste Labs: Optimises waste collection systems in cities with a proprietary AI platform

Image Credit: Riiid

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