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7 Edtech Startups in Asia Paving the Path Among Recession
There was a time when Edutech (education + technology) was a promising item for startups. The demand surged after the outbreak of COVID-19.
However, the pandemic settled faster than expected, and students are returning to school. Combined with global conflicts and economic setbacks, Edutech startups are forced to reconsider their businesses seriously. Even the most giant unicorns, like the Unacademy of India, recently announced a massive layoff.
However, some companies are still making breakthroughs even in this recession era. From the fast adoption of the latest technologies to the development of unique teaching methods, the seven startups in today’s article are unearthing new opportunities in the field of education.
1. RuangGuru
Serving more than 9.5 million students and teachers, RuangGuru is Indonesia’s largest Edtech company. The startup offers various educational content for more than 100 subjects, including English, coding, and technical skills. From early childhood to senior high school and university exams, Ruangguru covers a person’s entire educational journey.
With a firm faith in making the world a better place, Iman Usman and Belva Devara founded RuangGuru in 2014. The duo found that although Indonesia had the world’s fourth-biggest education system, it was mostly dysfunctional. Iman and Belva thought applying technologies would resolve the problem and provide affordable access for all students of their nation.
After marking profitability in 2021, Ruangguru continues to keep its core value of expanding educational opportunities for everyone. In January 2024, the company signed an MOU with the ASEAN Tourism Association. RuangGuru will be responsible for providing training content to future tourism professionals of Asian companies. The startup plans to continue developing programs for people seeking talent training and other forms of education.
(Refer to : IMAN USMAN: A GREAT PIONEER IN THE REALM OF EDUTECH START-UPS IN INDONESIA)
2. XSEED Education
“XSEED students outperform non-XSEED peers by +21%.”
This was the actual title of news content published in March 2023. The statistics were based on a national English, Math, and Science test conducted in 21 states of India with more than 61,000 students. However, this is one of the many testimonials of XSEED’s unique approach to education.
The Singapore-based startup is focused on encouraging students to ask more questions, express ideas in their own words, persist longer in solving complex problems, and not be afraid to speak up in a foreign tongue. To achieve this objective, XSEED developed a custom method named “The 5A’s,” which refers to a cycle of aim, action, analysis, application, and assessment.
Ashish Rajpal, founder of XSEED Education, is dedicated to making a ‘real’ impact on students' lives. That is why the Singaporean innovator continues developing solutions for learners and teachers alike. With a proven track record of enhancing multiple nations’ school systems, XSEED Education continues innovating learning, which started in 2008.
(Refer to : Founder Ashish Rajpal Explains "What Is XSEED?" )
3. Frontlearners
Frontlearners is the result of a couple from the Philippines longing to provide high-quality education to everyone. Although the founders had been working as high-level managers in global companies like Procter & Gamble and Johnson & Johnson, they tested the possibility of online classes in 1998 as a side project. Their first educational content was animated gifs teaching math tutorials.
Now, Frontlearners is the Philippines’ most influential Edtech service. The startup offers ready-to-use, curriculum-based, functional solutions in a well-organized kit. Thanks to the tablet device filled with educational content within the box, teachers can use Frontlearners' solution even without an internet connection.
Currently, Frontlearners is a for-profit company. The Filipino company only receives annual subscription fees from private schools and co-working with major corporations like Samsung to provide its solutions to public facilities free of charge. Frontlearners’ vision is straightforward: “We provide the expert knowledge so you can just focus on teaching.”
(Refer to : A Husband-Wife Team Pays It Forward By Bringing E-Learning To The Philippines)
4. Atama Plus
Atama Plus is a Japanese Edtech startup that stormed the nation’s education market. The founders realized that out-of-the-box ideas and communication skills would be necessities for future learners as they experience various global working environments. In 2017, the Japanese trio decided to use AI to optimize individual students’ learning curves, which was perceived as a radical solution back then.
atama+, the company’s AI teacher-in-a-tablet, creates a customized curriculum based on individual learner’s experience, ability to focus, time needed for solving problems, etc. The digital instructor also detects when students get stuck and notifies the teacher automatically. Moreover, students can get help from atama+ even at home. This allows learners to grasp their weak points in progress and how to resolve them.
Positioning itself as a reliable assistant for teachers and students, Atama Plus acquired large-scale investments from domestic and global VCs. With more than 12 million annual attendants, the disruptor of Japanese education is looking forward to going global.
(Refer to : This edtech startup is using AI to help students with their entrance tests )
5. Riiid
TOEIC, a type of English aptitude test, is virtually necessary for Koreans preparing for their first jobs. Although many tutors were already in the market, participants wanted more customized, flexible education courses. Riiid tackled this challenge with artificial intelligence in 2014, the first of its kind in the country.
After announcing its first AI tutor service, SANTA TOEIC, the Korean venture’s market performance skyrocketed. The solution gathered over 1 million users in less than a year, leading to Softbank's investment of about 175 million USD in 2023. Based on its rapid growth, Riiid expanded its expertise to other education sectors, including SAT, GMAT, and personalized coaching services.
Although the company had to go through significant layoffs in late 2023, the AI-based tutor is successfully making its way out of recession. Riiid recently launched digital SAT preparation courses and acquired Real Academy, which will expand the company’s solution to elementary-level students. This year’s Riiid’s goal is to prove its profitability and future possibility in the ever-changing Edtech market.
(Refer to : The Machines Are Learning, and So Are the Students - The New York Times)
6. VIPKid
VIPKid is the brainchild of Cindy Mi, once a student who was deeply disappointed by the outdated educational system. The Chinese entrepreneur wanted to renovate education into an affordable, one-on-one solution so that students would not have to be concerned with their peers’ progression. The result is a global Edtech unicorn providing service not only to China but also to the United States, South Korea, and beyond.
Currently, VIPKid provides a custom-made curriculum based on CCSS (Common Core State Standards) and is divided into eight levels. From the most essential steps, like the alphabet, to practical writing and speaking, students can naturally enhance linguistic proficiency with VIPKid’s solutions. A consolidated report and recorded class video are provided for every class, which is helpful for review.
Founded in 2013, VIPKid acquired investments in Series A, B, and C at a remarkable speed. The company maintains its exceptional service quality by thoroughly interviewing instructors and operating a lively community of VIPKid teachers. VIPKid remains China’s number one Edtech startup by balancing educational essence and technological convenience.
(Refer to : Decoding the Success of VIPKID, an EdTech Unicorn)
7. Pandai
Launched in 2020, Pandai is currently Malaysia’s leading service for school students. More than 300,000 participants use the app for everyday studying. The founders of the startup had been in the education sector for more than 14 years, and they wanted to make better of Malaysians’ learning environment. They initially adopted gamification per the national curriculum and now cover all major subjects for students in both elementary and higher.
Pandai raised a two million USD seed round in January 2022, with global investments from Y Combinator, 500 Global, and the Malaysian government. The company is also certified by Education Alliance Finland (EAF), a globally accepted credit that an education solution complies with global quality standards. Pandai plans to enhance the quality of personalized student analysis and modular services for parents and teachers.
As the nation’s first startup to be accepted into the Y Combinator accelerator program, Pandai now provides more encouraging materials that can help students challenge national-level competitions. The Malaysian venture is also actively partnering with other Edtech startups in other countries with the goal of democratizing learning in mind.
(Refer to : Malaysian edtech Pandai raises US$2mil seed round | Digital News Asia)
Written by Jinsoo Choi
*Read the other articles and delve into the landscape of rising startups in the Asia region!
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