Graide, a University of Birmingham spinout with an assistive AI-based platform that helps teachers mark student assignments, recently raised $2.1 million (about £1.65 million). The company’s expansion plans include increasing its user base in the UK, establishing a strong presence in the US and Canada, and exploring opportunities in other international markets. XTX Ventures led the funding alongside existing investors Mercia Ventures, the MEIF Proof of Concept & Early Stage Fund managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), SFC Capital and private investors.
Graide, founded in 2021 by former students Robert Stanyon, Manjinder Kainth, and George Bartlett, offers a unique AI-based platform that revolutionizes how student assignments are marked. Unlike standard AI marking platforms, the platform does not need a lot of data to run through neural networks, and so does not need to share data with other users to work properly. It can mark more than one question at a time and is ‘self-aware’ – only showing marks that it is confident in and alerting the user to pieces of work that may need teacher scrutiny. By reducing educators’ workloads and boosting the feedback students receive, the platform can liberate teachers and make quality education more accessible to everyone.
Speaking on the fundraising, Co-founder & CEO of Manjinder Kainth said:
Graide provides transparent, explainable AI, a requirement in today’s world, and can cover all subjects taught from school to university level, saving teacher time. We are pleased to welcome XTX Ventures, which has extensive experience in AI and machine learning, as a new investor in this round.
Graide, featured on the latest EdTech 50 list, offers assistive AI and machine learning to help teachers evaluate essays and provide student feedback. Initially designed to mark maths, physics and chemistry papers, the company has since launched a new platform to mark essays and reports in all subjects. It is also working on a new feature to detect students using AI to write essays.
Oliver Scott, Global Head of Treasury, XTX Markets, stated:
XTX Ventures is the venture capital arm of algorithmic trading company XTX Markets. We are delighted to have invested in Graide and look forward to supporting the excellent team there as they expand in the UK and across the US and Canada.
The startup is now used by universities including Birmingham, Durham, Huddersfield and Sussex, as well as learning platforms and exam boards, and has already carried out successful pilot projects in the US. Graide, which is based in Wolverhampton, currently employs eight staff.
Hannah Tapsell Chapman from Mercia Ventures commented:
Graide uses AI transparently and responsibly to speed up marking times while ensuring teachers are in control throughout. With educators worldwide becoming increasingly receptive to innovations as they seek to improve efficiency, this funding will help Manjinder and the team take advantage of emerging opportunities.
In 2022, Graide raised £800,000 from the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds and angel investors. The latest funding brings the total it has raised to over £2.5 million, allowing it to target new markets, expand its platform, and create four new roles over the next six months.
