Photomath, the AI-powered maths tutoring app, has announced it has raised $23 million in Series B funding led by Menlo Ventures, bringing its total raised to more than $29 million.
This is a significant breakthrough as Photomath looks to build out its app and grow its user base. Let’s take a closer look at the details.
Photomath, which develops an AI-powered math tutoring app, raises $23M Series B led by Menlo Ventures, bringing its total raised to $29M+ (Kyle Wiggers/VentureBeat)
Photomath is an AI-powered maths tutoring app developed by Photomath, Inc., a U.S.-based education start-up founded in 2014. The company recently announced that it has raised $23 million in series B funding led by Menlo Ventures, bringing its total raised to over $29 million.
The Photomath app offers instant explanations, video instructions and hints to help users learn how to solve maths problems accurately and quickly. Photomath’s award-winning mobile applications are available on Android and iOS devices, as well as Windows 10 and Amazon Alexa devices. Its intelligent tutoring capabilities are powered by artificial intelligence (AI) technology, making the application an ideal solution for anyone seeking extra support with their maths homework.
Photomath has amassed over 100 million unique users from almost every country worldwide since its launch in 2014. It has been recognized for its impact on education internationally with multiple awards and honours including the best EdTech booster award for the European Union’s Horizon 2020 innovation program in 2020. In addition to its educational focus, Photomath supports a vibrant community of STEM educators who gather virtually using its platform for professional development resources and guidance tailored toward teachers across all grade levels.
Photomath’s mission is to provide all learners access to quality mathematics education through innovative solutions that make learning maths more enjoyable and engaging.
Photomath raises $23M in Series B funding
Photomath, a start-up that develops an AI-powered maths tutoring app, today announced that it has raised $23 million in Series B financing. The round was led by Menlo Ventures, bringing the company’s total funds raised to more than $29 million since its launch in 2014.
The funds will expand Photomath’s machine learning capabilities and further develop its platform. Photomath offers students a personalised tutoring experience suited to each student’s learning style, with solutions tailored to their needs. In addition, the company employs educators and uses mathematics experts to ensure the accuracy of its content library and provide an engaging learning experience for students.
With the new funding, Photomath plans to expand into additional markets with localised content while focusing on product innovation inside and outside the classroom. In addition, the company aims to become the world’s largest digital maths platform, providing a comprehensive suite of solutions for schools and teachers and increasing access for individual learners worldwide.
This latest round of funding is significant for Photomath’s vision in helping bridge the success gap between underserved communities and their better-advantaged peers in mastering mathematics skills throughout early academic development for learners through college level maths courses.
Photomath’s Funding History
Photomath, the AI-powered maths tutoring app, recently announced that it raised $23 million in series B funding. This huge funding round brings Photomath’s total raised to an impressive $29 million. The funding was led by Menlo Ventures, a venture capital firm that has invested in various companies.
This article will provide an overview of Photomath’s funding history.
Photomath’s previous funding rounds
Photomath, a developer of an AI-powered maths tutoring app, has successfully raised $29 million+ in funding over several rounds. The company first secured seed funding from High-Tech Gruenderfonds in 2015 and obtained $6 million from London’s Balderton Capital and the tech sector’s Seattle-based Pioneer Square Labs (PSL).
Its Series A round closed on October 4, 2018 for US$7.5 million led by German strategic venture capital firm Holtzbrinck Ventures. Participants in that round included Target Global, London-based venture firm LocalGlobe and PSL managing director Brad Feld. This was followed by a Series B closing on April 24 this year with Menlo Ventures as its lead investor. Additionally, Jeffrey Yass, founding partner of Susquehanna International Group (SIG), co-founder of Zocdoc Cyrus Massoumi and vice president of Samsung NEXT Investment Group Hongchan Cho participated in the round, which raised $23 million.
The influx of capital will enable Photomath to continue expanding its presence overseas and explore new product categories related to maths education and beyond with AI technology at the core.
Photomath’s total funding raised
Photomath, best known for its AI-powered maths tutoring app, has now raised $29 million in funding since it first launched in 2014. This recent investment follows up Photomath’s previous funding rounds, including a series A round of $6 million led by Capnamic Ventures and a seed round of $300,000 led by Backed VC.
Most recently, Photomath completed its series B funding round led by Menlo Ventures with a total of $23 million to fuel the development and expansion of the mobile application. The new funds will further develop Photomath’s platform and accelerate global expansion. Moreover, it will help support the launch of new products like PhotoGeometry and PhotoCalc that provide users with automated solutions for high school maths concepts like geometry and calculus. The funds from this round also allowed Photomath to expand their artificial intelligence team globally to deliver even more effective AI-based tutoring solutions for student maths needs worldwide.
Series B Funding Details
Photomath, a developer of an AI-powered maths tutoring app, recently announced that it has raised $23 million in Series B funding. This brings the total amount of money raised by Photomath to over $29 million, with Menlo Ventures leading the round.
This investment will help the company continue to develop its technology and expand its reach. But, first, let’s look at the details of this new round of funding.
Investors in the Series B round
Photomath is pleased to announce that its Series B funding round was led by Menlo Ventures, with participation from GearCube Capital and other undisclosed investors.
Menlo Ventures is a venture capital firm that has invested in many successful technology companies worldwide, including Microsoft, Twitter, Tesla Motors, eBay, and Uber. GearCube is a venture fund focused on early-stage investments in robotics, AI, and machine learning powered businesses like Photomath.
The Series B round brings Photomath’s total funding to $29 million. This additional funding will be used to further the development of its AI-powered maths tutoring app for students of all ages and levels. Photomath plans to expand its existing offerings and explore developing new products to offer improved maths education.
Purpose of the Series B funding
Photomath has announced that it raised $23 million in a Series B funding round, with Menlo Ventures as the lead investor. The new funding brings Photomath’s total financing to over $29 million.
This additional capital will be used for further research and development of its AI-driven maths tutoring app. It will also help expand different areas to create a better learning experience for the students who use their platform. Photomath plans to improve its technology’s accuracy and broaden content coverage, allowing them to cover multiple countries and languages. Additionally, this funding round marks the first time they have secured investors from both the US and Asia, so they’re also looking forward to tapping into those markets.
In light of the challenges due to COVID-19, Photomath is also leveraging this momentum to support educators by donating free educational content with Photomath Classroom packages that they plan on rolling out in both public & private institutions as well educational NGOs supporting underprivileged students around the world. This series B funding will play an instrumental role in enabling them to make such contributions possible towards their cause towards a better education for all.
Impact of the Series B Funding
Photomath’s Series B funding of $23 million, led by Menlo ventures, is a significant milestone for the company and its AI-powered maths tutoring app. This new funding brings the company’s total raised to $29 million, giving Photomath the resources they need to expand their reach.
Let’s explore the impact of this series B investment on Photomath.
Expansion of Photomath’s product
The new infusion of capital will expand Photomath’s product offering and reinforce the company’s position as a leader in AI-powered maths tutoring. With the new funding from Menlo Ventures, Photomath — founded in 2013 and previously valued at $60 million — will extend its reach beyond basic maths education by developing new learning resources and educational products for use in classrooms worldwide.
Through this series B funding, Photomath’s ambition to provide cutting-edge educational assistance through AI-based technology has been crystallised. The funding will enable them to make strategic investments to build new products, hire additional staff with expertise in AI engineering, hire or partner with established curriculum creators to further its goal of becoming a comprehensive maths tutoring platform. Additionally, having secured capital from such notable investors has helped strengthen their credibility on the market and gained more trust from users seeking effective support tools for maths instruction.
The app is changing to achieve more interactive features that could help engage students while learning. The money reflects a bold move into maturity by Photomath as they hope to achieve plus expand their goal of connecting people worldwide with impressive achievements in mathematics education made possible by the deep learning virtual assistant embedded within the product.
Increased hiring of talent
The Series B funding of $23 million that Photomath recently secured will enable the company to rapidly expand its efforts in maths education by increasing hiring of talent across the board.
According to Reuters, the company plans to use its new funds for hiring engineers, scientists, and product managers to improve the core technology and accessibility features of its AI-based maths tutoring app. This move is expected to provide Photomath with additional resources and expertise that will help it further optimise its app–which already delivers interactive explanations and step-by-step guidance–for more than 20 million monthly active users.
Moreover, increased hiring could also enable Photomath to leverage its AI engine’s deep learning capabilities, which is at the heart of its platform.
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