SAN RAMON, Calif., Oct. 8, 2021 /PRNewswire/ -- Riiid, a leading AIEd solution company and a member of Born2Global Centre, announced the acquisition of 'Langoo', the Japanese distributor of Riiid's paid AI-based test prep app Riiid TUTOR, in an expansion of its business in Japan.
Riiid CI
After securing $175 million series D funding from Vision Fund 2 in May, Riiid has focused on accelerating its market expansion including through M&A and investments.
Since 2019, Langoo has been the exclusive provider of Riiid TUTOR (formerly Santa TOEIC) in Japan. Riiid TUTOR ranked No.1 in sales among Education applications for Android within the first week of its release in Japan. The app's sales in Japan have since grown 400% annually.
"The exceptional capacity of Langoo in its local business with Riiid TUTOR was the main reason for this acquisition," said YJ Jang, Riiid's co-founder and CEO. "Riiid's strength is our scalability and ability to apply our technology anywhere, regardless of regions, languages, and domains. By leveraging this investment, we will capture broader Japanese market opportunities. This acquisition is the first step in an inorganic strategy to ultimately apply Riiid's AI technology to the global market and help more learners around the world."
According to a report by Yano Research Institute of Japan, the Japanese remote learning market was 288 billion Yen (around $2.6 billion) in 2020, a 22.4% increase from the previous year. As COVID-19 took a toll on face-to-face education, demand for remote learning surged within the B2B education market, particularly in areas such as corporate training. Historically, Japan has been reluctant to digitize its conventional education system, which in turn has created enormous room for growth of online education.
Through the acquisition, Riiid is establishing a Japanese arm to address the local remote learning and education market. The company plans to reinforce different business segments including marketing, sales, and B2B business development in order to apply the product's success in Korea to the Japanese market.
Riiid also plans to expand its service beyond the Test of English for International Communication (TOEIC) to AI-based English speaking and English coaching services, in order to broaden its customer base. The plan demonstrates Riiid's long-term commitment to B2B business, providing its AI technology toa variety of education fields including public education, private education, and corporate training.
Riiid has been actively expanding its businesses in the global market since the founding of Riiid Labs, its global arm based in Silicon Valley, early last year. Riiid is currently preparing or providing AI-based learning solutions to a variety of domains in more than 10 countries across South America, Central Asia, and East Asia.
For more detailed information on Riiid, visit https://company.riiid.co/en/main.
About Riiid
Headquartered in Korea, Riiid (https://company.riiid.co/en/main) is a global leader in AI solutions for education, backed by more than $250 million (USD) in funding and named to the 2021 CB Insights AI 100 list of the most innovative AI startups. Leveraging the power of AI, the company is driving a paradigm shift in education with technology that personalizes instruction for all students, with the aim of democratizing quality education anywhere in the world. The company provides solutions for K-12 education, postsecondary education and corporate training. As a leading force in AI technology, Riiid has published research papers at top AI conferences including NeurIPS, CSEDU, and LAK. The company has applied for more than 103 patents, 27 of which are registered. In 2020, Riiid established the company's global arm based in Silicon Valley, California, to expand its business across the U.S., South America, Middle East and beyond.
About Born2Global Centre
Born2Global Centre (www.born2global.com) is a full-cycle service platform for global expansion. Since its inception in 2013, Born2Global has been setting the standard for successful startup ecosystem as the main Korean government agency under the Ministry of Science and ICT. Born2Global has expanded and transformed startups to be engaged, equipped and connected with the global market.
Media contact
Riiid: cheehyun.lee@riiid.co
Born2Global Centre: jlee@born2global.com
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