Riiid

Seoul-based Riiid was founded in 2014 by Young-Jun Jang and provides artificial intelligence-driven (AI-driven) solutions for education. Riiid launched its first AI-based web and mobile learning platform in 2017, Santa TOEIC, which prepares students for the English proficiency exam, Test of English for International Communication (TOEIC). The platform has been used by more than 2 million students in Korea and Japan (Santa TOEIC Japan was launched in 2019). Riiid’s other products include Santa SAT (launched in 2019), an AI-driven tutoring solution, and Santa Realtor (launched in 2020), which helps real estate agents prepare for the Licensed Real Estate Agent Examination. Additionally, the company provides its proprietary AI tutor module as a B2B solution for enterprises. In 2020, the company established Riiid Labs, its global division in Silicon Valley, California, to expand its business across the US, South America, and the Middle East. 

In March 2021, Riiid Labs partnered with Grupo INICIE, an educational technology (EdTech) solutions provider in Brazil, and Casa Grande, an education company in Colombia and Puerto Rico, to build mobile apps for college admission test preparation. Riiid Labs also launched an AI-powered ACT test preparation app in Egypt, the UAE, Turkey, Saudi Arabia, and Jordan in partnership with ConnecME Education, an international education company. In October 2021, Riiid partnered with Indian EdTech startup BasicFirst Learning to develop and deliver an AI-powered test prep solution for the JEE and NEET college entrance exams in India. The company also acquired its Japanese distribution partner, Langoo, to expand its footprint in the country. 

In May 2021, Riiid raised its largest funding round to date, securing USD 175 million from a single investor, SoftBank Group’s Vision Fund 2, to develop the company’s AI technology and extend its global technical expertise by establishing R&D centers and data labeling centers in the US, Canada, and Ghana. The company seeks to offer its AI test prep platforms, which provide a real-time evaluation of the students' progress, to public schools in the US aiming to replace standardized, one-time, time-consuming, and expensive tests such as the SAT and ACT.