Korean AI Tutoring Technology Developer Raises $18 Million in Series C Funding

Riiid, a Seoul-based tutoring services company, has raised $18 million in a Series C funding round. Premier Partners, Alpenroute Asset Management, DSC Investment, IMM Investment, Korea Growth Investment Corporation, and D Ventures Private Investment Fund led the round.

Founded in 2014, Riiid offers an AI tutoring product, Santa TOEIC, that claims 900,000 users. The company also licenses its technology for use by other education companies, boasting that it works with all multiple-choice tests. According to a statement Monday, Riiid will use the funds to further refine its AI technologies.

DSC Investment, which participated in this round, has also previously invested in Enuma, a Berkeley, Calif.-based provider of early-learning apps.