AI-driven hybrid educational technology platform SpeEdLabs receives an additional funding from India Discovery Fund (IDF), bringing its total funding to 2.5 mil USD to close the current round.
- 35 North – India Discovery Fund has made this additional investment. This SEBI registered Cat I Angel Fund is an early stage growth fund that looks into discovery of future unicorns and nurtures their rapid growth with capital and board members.
- This new investment will sum up their development in terms of extending their market share. The subsequent tremendous demand from TIER 3 and TIER 4 cities has been the driving force behind this expansion.
AI-based hybrid EdTech platform SpeEdLabs has raised funding from 35 North – India Discovery Fund. The company closes this pre-series round with a total raise of USD 2.5 million. The other investors include Mumbai Angels, LetsVenture, Ecosystem Ventures, Ah Ventures, SucSeed Ventures and a few family offices. The funds will be utilised to grow the company’s presence and strengthen its infrastructure.
SpeEdLabs has over 3000 B2B Tutorials clients in K-12 and Test prep segment across 200+ cities in India. By June 2022, the start-up is on track to generate INR 1.5 crore each month. Currently, SpeEdLabs receives over 2 million questions per month from its Question suggestion engine, resulting in more than 10 million analytical data points per month.
Commenting on this investment, the fund’s media spokesperson, Rajarshi (Raj) Roy, India Discovery Fund (IDF) said, “We will invest about USD 2 million in SpeEdLabs, an AI enabled edutech services platform for the Indian tuition market. A part of these funds were released earlier this week. The enablement of personalized and customized feedback and education for the students in a Hybrid model is the need of the hour. One size fits all does not suit students in a conventional set-up and the traction experienced by SpeEdLabs is a testimony to this fact.”
“As the world evolves toward a hybrid education paradigm, it’s past time for children and students to receive education that is tailored to their own needs. During the Covid shutdown, pure online tutoring was a forced option, but now the successful hybrid model will be the offline classroom model with technology. To help students achieve their full potential, the SpeEdLabs platform employs data-driven hyper customization, dynamic adaptive learning, algo-driven automated content management, and analytical data visualisation. We’re also grateful for the backing of well-known investors. SpeEdLabs will aim to expand their presence to 800 locations throughout 23 states in the country, allowing 10million+ students and empowering over 50,000 teachers,” said Vivek Varshney, Founder of SpeEdLabs.
Letsventure, Mumbai Angels, Ecosystem Ventures, SucSeed Venture, and Ah Venture are among the company’s angel network platform investors. The other existing investors in SpeEdLabs include people like Manish Chhajed (SEP Venture), Mukul Agrawal (Param Capital), Ajith Pai (Paipal Venture), Nirav Mehta (MD – Morgan Stanley India), VGA Venture, Rohit Chanana, Pankaj Prasoon, Kshama Dhir (Partner – E&Y), Vipul Mittal (Partner – E&Y), Abhishek Goyal (Traxn) and Avinash Gupta (Ex- Merrill Lynch), Ritesh Mangla (Partner – Deloitte), Keval Doshi (Partner – E&Y).