South Korean education technology startup Mathpresso has closed its Series C funding round, which brings the total amount raised in the round to $70 million.
The Seoul-based company secured the latest funds from new investors YBM, one of the country’s largest education management companies, and Signite Partners, a corporate VC arm of local conglomerate Shinsegae Group. Existing investors Goodwater Capital, SoftBank Ventures Asia, and Mirae Asset Venture Investment also participated in the round.
Mathpresso is the operator of the AI-driven education app Qanda. The app helps students search for solutions to math problems by taking a photo. It also enables students to ask questions directly to school tutors. Qanda uses optical character recognition technology to scan math problems, where students take a photo of a problem and upload it to get instructions for how to solve it from the app or tutors. The queries are added to the app’s database so other users with the same problem could find the right solution via the app’s search engine.
The company claims to have accumulated more than 75 million registered users since its launch. It currently has more than 14 million monthly active users from over 50 countries.
“Amidst the funding winter and given current macroeconomic challenges, this investment validates our business productivity solutions in creating sustainable social impact,” said Jake Lee, Mathpresso’s Chief Executive Officer.
The company plans to utilize the funds to further strengthen its vertical services for personalized learning experiences and execution strategy.
“We are extremely grateful for the new and existing shareholders who supported us despite the tough market conditions. We reiterate our commitment to improving user experience and achieving profitable growth,” added Soo Nahm, Mathpresso’s Chief Financial Officer.
Mathpresso has previously secured capital from Google and GGV Capital. In 2019, the company raised $14.5 million in its Series B round led by Legend Capital with participation from InterVest, NP Investments, and Mirae Asset Venture Investment.