AI-based edtech platform SpeedAdLabs picks up 14.31 crores from Mumbai Angels, LetsVenture, Ecosystem Ventures and Successful Ventures in the pre-series funding round. The capital will be used to expand its presence and strengthen infrastructure.
In just 8 months, SpeedEdLabs has increased product revenue by 10x and currently has 3000+ customers. The start-up is on its way to cross Rs 1.5 crore per month by June 2022. Currently, Speedlabs receives over 2 million questions, recommended by the Speedlabs Question Recommendation Engine, which exercises monthly on its platform, which provides over 10 million analytical data points per month. month.
Nandini Mansinghka, Co-Founder and CEO, Mumbai Angels said, “The advent of AI enabled Platform-as-a-Services solutions has revolutionized the hitherto unorganized sector after school tuition market. Given the one size for all education system prevailing in India today there is a tremendous demand for non-normal mode of learning. We are confident that the unique technology-driven learning solutions will continue to enrich student learning and drive future demand for personalized coaching.”
“As the world slowly moves towards a hybrid model of education, the time has come for children to get personalized education as per their needs. Pure online tutoring was a compelling option during the COVID lockdown, but Now the offline classroom model using technology will be a 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 Because we bring the best of both worlds. We are also delighted that marquee investors are supporting our journey. Currently present in 200+ cities, enabling 100,000+ students and empowering over 5000 teachers For this, SpeEdLabs will soon expand its presence to 800 cities across 23 states in the country,” said Vivek Varshney, Founder, SpeEdLabs.