Socra AI
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Socra AI - overview
Established
2014
Location
Seoul, -, South Korea
Primary Industry
Software
About
Based in Seoul, South Korea and founded in 2014, Socra AI, formerly Riiid Co. , Ltd. , operates as an AI solution provider delivering creative disruption to the TOEIC (Test of English for International Communication) education market through AI technology. The company utilizes AI technology which helps students to access equal educational opportunities through one-on-one AI tutor.
In May 2021, the company raised USD 175 million in a Series E funding led by SB Investment Advisers. Including May 2021 funding, Socra AI has raised a total of USD 237. 44 million in funding. YJ Jang is the CEO of the company.
The company has more than 3 million users with access to more than 300 million TOEIC learning data. The company offers learning mobile application Santa TOEIC that provides online lectures, answers and explanations on TOEIC questions and alternative solutions to multiple-choice exams. Riiid’s platform is powered by AI (Artificial Intelligence) and machine learning to provide personalized plans and tools to education companies, students, and schools. The company’s TOEIC online test is free of cost along with provides score prediction and user performance analysis using AI algorithms.
The company generates revenue through subscriptions of its product package. Socra AI plans to use its proceeds from May 2021 funding to expand its AI-based learning platform to global markets as well as expand its products.
Current Investors
Shinhan Capital, DSC Investment, DS Asset Investment
Primary Industry
Software
Sub Industries
Education & Training Services, Education & Training Software
Website
www.socra.ai/
Verticals
Artificial Intelligence, Artificial Intelligence, Cloud Computing, EdTech, Mobile Apps
Company Stage
Series E
Total Amount Raised
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Socra AI - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on | Completed | Qualson Inc. | - |
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