Riiid

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Riiid
Private
IndustryInformation Technology & Services
Founded2014; 8 years ago (2014)
HeadquartersSeoul, Korea
Number of locations
2
Number of employees
51 - 200
Websiteriiid.com/en/main

Riiid is a South Korean Edtech firm that was founded in 2014 and is well recognized for its custom AI Tutor solutions.[1] The company is currently led by CEO Young-Jun Jang and has amassed over 2.5 million users across Japan and Korea.[2][3]

Riiid is headquartered in Seoul and has a subsidiary in the United States. The company rose to prominence in 2016 when it released its Santa for TOEIC app and later with Ednet, a dataset of over 131 million student interactions with 784,309 unique students.[4][5]

Riiid's patented AI accelerates commercialization by maximizing learning and delivering validated results.[6] It proposes a personalized learning path to attain a goal based on massive probability computations at a fraction of the expense of traditional learning.[7]

History, awards & recognition

Riiid was founded in 2014 with the goal of disrupting the education sector by utilizing artificial intelligence (AI) to make learning more convenient by introducing personalized tutors.[8] A year later, Riiid launched the 'Renote!' beta version that was chosen for TIPS Accelerator Investment-Driven Tech Incubator Program for Startup.[9][10]

In 2016, the beta version of 'Santa for TOEIC!' was released, and it received first place in Chosun's 'Mobile Award Korea 2016'. The company also filed a patent for this bespoke user-customized problem-solving algorithm based on machine learning.[11] In the same year, a research paper on machine-learning algorithms by Riiid was accepted to 'NIPS' (top AI conference on a global level.) The company also won first prize in '2016 [email protected]' held by the Ministry of Foreign Affairs and KIC China.[12][13][14]

In 2017, Riiid launched 'Santa TOEIC' that soon gained market recognition and won first place in 2017 KQSI (Korea Quality Satisfaction Index), Smart App Awards Korea' and in 4th Industrial Revolution Business Competition held by the Ministry of Science and ICT.[15][16][17]

In 2018, Riiid was listed as one of the 25 Hottest APAC Artificial Intelligence Companies by CIOAdvisor.[18] It also won first prize in the 2018 Korea Innovation Frontier Award' held by Korean Standards Association and in Korea Brand Preference Award' held by Hankyung Magazine. The company also became a Top Paid App In Education on the App Store.[19][20][21]

In 2019, Riiid participated in the AI Summit New York and got featured as a Top 10 Edtech Startup in APAC / Education Technology Insights.[22][23] The company also won first place '2019 MAX Summit Award in Education. In the same year, Riiid launched Santa SAT and Santa TOEIC Japan along with starting a new venture in Singapore.[24][25][26]

In 2020, Riiid received The Minister of Science and ICT Award for excellence in global expansion and an Award for Data Innovation at the 2020 Data Award by Korea Data Agency.[27] The company also received a commendation from the Minister of Science and ICT for its contribution to the development of the ICT venture industry and the 2020 Brilliant People & Brand Awards - Education app was recognized in AI Korea Awards 2020 and. In the same year, Riiid launched Santa Realtor and Ednet, the largest open database for AI Education. It also established a subsidiary - Riiid Labs in the U.S. In 2020, Riiid also started a competition on Google's Kaggle platform with a massive $100,000 prize pool led by Paul Kim.[28][29]

In 2021, Riiid was recognized by CB Insights as a top AI in the Education sector and for being a game-changer when it comes to Intelligent Tutoring.[30][31]

Product

Riiid created a collection of artificial intelligence algorithms that could track student performance, predict student scores, and predict when students were losing interest and on the verge of dropping out. The best selling products by Riiid include:

TOEIC® PREP

Riiid TOEIC®, which debuted in Japan in April 2019 and is now available globally, is an excellent learning tool. It uses artificial intelligence to stimulate learning by providing appropriate complexity and quick and accurate score prediction.[32]

SAT PREP

SAT PREP gives users the best study path and helps them improve their SAT scores quickly.[33][34]

REALTOR PREP

Realtor PREP is a mobile learning tool powered by artificial intelligence for the Licensed Real Estate Agent Examination.[35][36] With accurate assessment of the user's level and selected repeat learning, the solution gives the best curriculum to the users.[37][38]

Funding

Since its inception, Riiid has raised over $248 million from various investors including SoftBank Vision Fund,[39] Korea Development Bank, NVESTOR, Intervest, and IMM Investment.[40][41]

References

  1. "Riiid - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 22 December 2021.
  2. Su-hyun, Song (5 May 2021). "[Herald Interview] AI inevitable force to shape education: Riiid". The Korea Herald. Retrieved 22 December 2021.
  3. "SoftBank-backed Korean edtech startup Riiid acquires Langoo, expands in Japan". TechCrunch. Retrieved 6 January 2022.
  4. "Riiid Announces $100,000 Kaggle Competition Using EdNet- World's Largest Education Dataset". Analytics India Magazine. 6 October 2020. Retrieved 22 December 2021.
  5. News, The PIE. "Marten Roorda - The PIE News". thepienews.com. Retrieved 6 January 2022.
  6. Wu, Jun. "AI's Helping Students Improve Their Scores In Less Than 24 Hours". Forbes. Retrieved 22 December 2021.
  7. "Riiid Labs Launches AI EdTech Solutions in America". The Education Magazine. 6 July 2020. Retrieved 6 January 2022.
  8. News, The Pie. "The PIEoneer Awards 2021". pieoneerawards.com. Retrieved 6 January 2022.
  9. "Here's the pitch deck South Korean startup Riiid used to raise $42 million to build AI-powered education technologies". businessinsider.com. Retrieved 22 December 2021.
  10. News, The PIE. "Jim Larimore - The PIE News". thepienews.com. Retrieved 6 January 2022.
  11. "Santa - AI TOEIC". AI TOEIC, Riiid TUTOR. Retrieved 22 December 2021.
  12. "Riiid Hosts a Global AIEd Challenge Using the World's Largest Education Dataset to Accelerate Innovation in AI Education". AiThority. 6 October 2020. Retrieved 22 December 2021.
  13. "New initiative to set benchmarks, standards for AI in education globally". University World News. Retrieved 6 January 2022.
  14. "A step towards building greater trust in AI in education". University World News. Retrieved 6 January 2022.
  15. "Riiid Answer Correctness Prediction". kaggle.com. Retrieved 22 December 2021.
  16. "What makes South Korea a major testbed for global edtech?". University World News. Retrieved 6 January 2022.
  17. "Top 10 EdTech Startups in Korea Helping Students Learn English". Seoulz. 7 December 2021. Retrieved 6 January 2022.
  18. "Riiid to Establish Open Source AI-Education Database 'EdNet'". KoreaTech Today - Korea's Leading Tech and Startup Media Platform. 7 January 2020. Retrieved 22 December 2021.
  19. Jang, Y. J. (25 August 2020). "Let artificial intelligence sweep away the gloom". Times Higher Education (THE). Retrieved 22 December 2021.
  20. "Tutoring crackdown to extend to university entrance exam prep". University World News. Retrieved 6 January 2022.
  21. "Commentary: A.I. can help solve America's education crisis". Fortune. Retrieved 6 January 2022.
  22. "South Korea". website. Retrieved 22 December 2021.
  23. Wayne, Holmes; Zhang, Hui; Fengchun, Miao; Huang, Ronghuai (8 April 2021). "AI and education: A guidance for policymakers". UNESCO Publishing. Retrieved 6 January 2022.
  24. "Riiid Closes the Biggest Kaggle Competition of 2020". AiThority. 29 January 2021. Retrieved 6 January 2022.
  25. "In brief: Korea's Riiid raises US$41.8M; EF unveils 7th Singapore cohort". e27. Retrieved 22 December 2021.
  26. "AI can improve personalised education, support teaching". University World News. Retrieved 6 January 2022.
  27. Tran, Duc Kinh Le (3 February 2021). "Riiid! Answer Correctness Prediction Kaggle Challenge: 4th Place Solution Summary". arXiv:2102.04250 [cs]. Retrieved 6 January 2022.
  28. "Riiid raises $41.8 million to expand its AI test prep apps". VentureBeat. 23 July 2020. Retrieved 22 December 2021.
  29. "Riiid Labs And ConnecME Sign MoU For Delivery Of AI Solutions In Middle East And North Africa | AsiaTechDaily - Asia's Leading Tech and Startup Media Platform". www.asiatechdaily.com. 31 July 2020. Retrieved 6 January 2022.
  30. McFarl, Alex (2 June 2020). "How Riiid! is Helping to Bring in New Era of AI-Education". Unite.AI. Retrieved 22 December 2021.
  31. "Elevator Pitch: RiiiD's AI Tutor Solution". Cognitive Times. 7 April 2020. Retrieved 6 January 2022.
  32. "Riiid AI Study on Session Dropout Prediction in a Mobile Learning Environment Has Been Accepted at CSEDU". AiThority. 27 February 2020. Retrieved 22 December 2021.
  33. Smith, Craig S. (18 December 2019). "The Machines Are Learning, and So Are the Students". The New York Times. Retrieved 22 December 2021.
  34. "AI-based tutoring startup Riiid snaps up Japanese partner Langoo". AI Business. Retrieved 6 January 2022.
  35. "Changing the education paradigm with AI". blog.thepienews.com. Retrieved 6 January 2022.
  36. "AI Tutor Solution Development Company Riiid Takes Aim to Build Leading Token Economy in the Test-Prep Market". AiThority. 4 March 2019. Retrieved 22 December 2021.
  37. "Riiid: Disrupting education with AI, one test at a time". AI Business. Retrieved 22 December 2021.
  38. Lee, Jane Lanhee (24 May 2021). "EXCLUSIVE Korean AI tutor Riiid raises $175 million from SoftBank, heads to public schools". Reuters. Retrieved 6 January 2022.
  39. "South Korean EdTech company Riid advances research in AI for education". Global EdTech. 11 September 2021. Retrieved 6 January 2022.
  40. "Korea's Riiid raises $175M from SoftBank to expand its AI-based learning platform to global markets". TechCrunch. Retrieved 22 December 2021.
  41. Lee, Jane Lanhee (12 August 2021). "EdTech platform Emeritus raises $650 mln from SoftBank, Accel, others". Reuters. Retrieved 6 January 2022.

External links