In a pre-series fundraising round, Mumbai Angels, LetsVenture, Ecosystem Ventures, and SucSeed Ventures invested $14.31 crore in AI-based EdTech platform SpeEdLabs. The funds will be utilized to expand the company’s presence and enhance its infrastructure.
SpeEdLabs has grown 10 times in product revenue in just 8 months and now has over 3000 clients. By June 2022, the startup is on track to generate INR 1.5 crore each month. SpeEdLabs receives over 2 million questions per month from its Question suggestion engine, resulting in more than 10 million analytical data points per month.
Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels, said, “The advent of AI enabled Platform-as-a-Services solutions have been revolutionizing the hitherto unorganized after school tuition market. There is a tremendous demand for the non-generic mode of learning given the one size fits all education system prevalent in India today. We are confident that the unique tech driven learning solutions will continue to enrich students’ learnings and fuel future demand for personalized coaching.”
“As the world gradually moves toward a hybrid model of education, it’s high time children/students receive education personalized as per their requirements. Pure Online Tutoring was a forced choice during Covid lockdown, but now the Offline classroom model using technology will be the successful hybrid model. SpeEdLabs platform uses data-driven hyper personalization, dynamic adaptive learning, algo driven automated content management and analytical data visualization to help students achieve their potential as we bring the best of both worlds. We are also delighted to have marquee investors supporting our journey. Currently present in 200+ cities, enabling 100,000+ students and empowering over 5000 teachers, SpeEdLabs will soon be expanding their presence to 800 cities across 23 states in the country,” said Vivek Varshney, Founder of SpeEdLabs.
