Classting revealed yesterday that it received 3 billion won (USD $2.5 million) from Samsung Venture Investment and the first Classting Partner Private Investment Fund.
The fund drew initially drew interest after managing to gain 1 million won (USD $835,000) in investment just three days after opening. Combined with Classting’s previous investments, the startup has accumulated a total of 7.5 billion won (USD $62.6 million) in funding since being founded in 2012.
Classting’s educational social network service, which connects teachers and students, currently boasts 2.9 million users and 110,000 teachers. Recently the company also opened its Learning Card service which connects users with educational content.
The technology, which is undergoing beta testing, uses deep learning to recommend content based on analysis of students’ habits, interests, relationships, progress, level, weaknesses and satisfaction. The company plans to expand the scope of its services by using big data collected as a basis for artificial intelligence technology and academic IoT products.
“Classting is a company that was established to help teachers with the difficulty of teaching multiple students,” said CEO of Classting, Dave Cho. “Through this latest investment, we will focus our capabilities on helping school teachers, and offering a personalized academic environment where students can use their time more effectively.”
