KnowRe, a year-old online education company with offices in New York and Los Angeles, has received $1.4 million in funding from SoftBank Ventures Korea. KnowRe is a member of the first class of SparkLaps, a startup accelerator designed to support Korean entrepreneurs who are looking to grow their business outside of Korea.
KnowRe ( www.knowre.com ), an innovative education technology company developing an online adaptive learning service for mathematics, announces the closing of its $1.4 million investment round from SoftBank Ventures Korea (“SBVK”). The financing comes shortly after KnowRe was awarded Grand Prize by Google and Korean governmental agencies (KISA and KCC) at Global K-Startup, a competition amongst 246 companies aimed at finding and supporting the next generation of global-ready startups. KnowRe is also a member of the first class of SparkLabs, a startup accelerator supporting Korean entrepreneurs looking to grow outside of Korea.
Sean Lee from SBVK commented, “We were impressed by the team’s passion for education, prowess in technology and the latent possibilities in the digital math education market. We look forward to helping cultivate KnowRe into a digital math service for students around the world.”
Founded by a team of educators and technologists, KnowRe’s patented technology assesses students’ strengths and weaknesses and develops a personalized curriculum that adapts in real-time as they progress. KnowRe also engages students with math learning through an attractive, gamified user experience.
“We took our years of experience as math instructors and running a math academy in Seoul, South Korea to digitalize our offline methodology. Our focus has always been to discover students’ weaknesses and help resolve the problems they face when learning mathematics,” said YJ Kim, CEO and Co-founder of KnowRe.
“As we look to build out our business in the US, we are extremely delighted to have this support from SoftBank Ventures Korea. This financing will help KnowRe to continue developing top-rate proprietary content and technology, and deliver our service to teachers, parents and students in the US,” added David Joo, COO and Co-founder.
KnowRe plans to launch their open beta service in the US during the first quarter of 2013.
About KnowRe: KnowRe is an educational technology company developing an innovative online adaptive learning service for mathematics. KnowRe assesses an individual’s strengths and weaknesses, personalizes a curriculum for each student’s focus areas and engages students through game-like features, attractive graphics and social learning. KnowRe believes in the importance of a good education, the need for personalization in our educational system and that technology is the most effective tool to help bring about these goals.
About SoftBank Ventures Korea: Established in 2000, SoftBank Ventures Korea has formed more than 10 funds and has invested approximately 274 million USD, equivalent, across 130 startup companies (2012 2H). SBVK is a venture capital subsidiary of SOFTBANK Group, one of the largest technology and telecommunications corporations in the world, focused on mobile communications, broadband infrastructure, fixed-line telecommunications, and internet culture. SBVK is committed to investing in and supporting companies and entrepreneurs with disruptive technologies and innovative ideas to change the world.