MIT education tech startup LTG Exam Prep Platform has secured $3 million in funding. The investors were Tal Education Group, Atlas Venture, Jamie McCourt, Margot Carter, Yongjin Group and Zhen Fund.
Boston, Mass. (August 21, 2014) – LTG Exam Prep Platform, an education technology startup company out of MIT, announced today a combined investment of $3 million from Tal Education Group, Atlas Venture, Jamie McCourt, Margot Carter, Yongjin Group and Zhen Fund. The investment will fund the company’s continuing development of mobile study apps that provide comprehensive yet affordable standardized test prep tools to students around the world. The apps use proprietary algorithms developed at MIT to create personalized study courses for each app user.
Cognitive games designed to teach test skills while providing an engaging break from studying are also in development.
Elad Shoushan, LTG’s founder and CEO and a recent MIT Sloan alum, said, “Education is going mobile and we at LTG believe that studying forstandardized tests on mobile devices is the most efficient and effective way to study. Everyone applying to business school knows how painful studying for the GMAT can be. In my own it experience it was tedious, frustrating and expensive, so we created a smarter way to study: no books, no high price tags; instead a mobile course that adapts to each user. Also, if users need extra help, they can instantly connect with LTG’s global network of certified GMAT tutors. Our mobile platform – today for the GMAT and soon for other standardized tests – streamlines users’ test prep, giving them a powerful way to study anytime, anywhere.”
Tal Education Group, China’s leading k-12 after-school tutoring service, led the investment round and was flanked by Jeff Fagnan of Atlas Venture, Jamie McCourt, the former CEO of the Los Angeles Dodgers, and Margot Carter, former general counsel and secretary for The Princeton Review. Fagnan was an early investor in AngelList, DataXu and Grockit, which was purchased by Kaplan in 2013, and McCourt was an early investor in Zipcar. The Chinese holding company Yongjin Group and the Chinese seed fund ZhenFund filled out the investment. ZhenFund is led by two of China’s most influential entrepreneurs, Bob Xu and Victor Wang, who co-foundered New Oriental Education & Technology, the largest provider of private education in China. The investors were drawn to LTG’s potential to disrupt the test prep industry by offering an affordable and effective study solution that eliminates the limitations and prohibitive costs of traditional test prep.
LTG is already fulfilling this potential with Prep4GMAT, its first app on the market for the Graduate Management Admission Test. The app is currently one of the top ranked apps in all major GMAT markets: On the iTunes App Store, Prep4GMAT is number one in the US & India, and top ten in China for GMAT apps. Over 100,000 students currently use the iOS version of Prep4GMAT, and the Android version was just released last week. A second app for the SAT is now in development.
About LTG: LTG Exam Prep Platform pioneered the space of mobile test-prep, and since its founding in 2012, the company has attracted top talent to its headquarters in Boston and its research and development team in Israel. LTG’s members include former leaders from Pearson Education, Microsoft, MIT and GE. LTG is also the creator of the Label Study Method, a patented app feature that teaches students to recognize patterns in test questions through visual cues and keywords. Along with the Label Study Method, LTG’s apps contain thousands of practice questions and flashcards as well as a tutor market place, which gives students real-time access to certified tutors around the globe. For more information about LTG or Prep4GMAT, or to schedule an interview with a team member, please send an email to [email protected]