Riiid, an AI-based test prep platform, has raised $175 million investment from SoftBank Vision Fund 2 as the sole investor, bringing its total funding to $250 million. Riiid will use the freshly injected capital to further strengthen its AI technology and grow global presence.
Headquartered in South Korea, Riiid provides solutions for K-12 education, postsecondary education and corporate training by leveraging AI.
Santa, Riiid’s platform, is a mobile study aid for the Test of English for International Communication (TOEIC) English proficiency exam, which is primarily used by employers to assess the English proficiency of prospective hires. The app has been used by more than 2.5 million students in Korea and Japan.
In 2020, Riiid established Riiid Labs, the company's global arm based in Silicon Valley, California, to expand its business across the U.S., South America, Middle East and beyond.
Over the past year, Riiid Labs has expanded the company's market across the U.S., South America, Middle East and Asia with partners such as Kaplan, ConnecME, Grupo INICIE, and Casa Grande, combining Riiid's AI technology and the content provided by those companies to create personalized learning services.
"Riiid wants to transform education with AI, and achieve a true democratization of educational opportunities," said Riiid CEO YJ Jang. "This investment is only the beginning of our journey in creating a new industry ecosystem and we will carry out this mission with global partnerships," he added.