Korean edtech startup funded by SoftBank Riiid purchases Langoo and extends its presence in Japan

To extend its reach in Japan, Riiid, a South Korean AI-powered edtech startup, purchased its Japanese distribution partner Langoo.

After a $175 million Series D investment from SoftBank’s Vision Fund 2 in May, the firm was acquired. Riiid has stated that the funds would be used to continue its worldwide expansion.

Riiid Tutor, formerly known as Santa, is a test prep software for the English-language proficiency test TOEIC in Japan, which is offered by Langoo, Riiid’s Japanese partner. In South Korea and Japan, Riiid says that the Riiid Tutor app has been downloaded by more than 2.5 million people. The Riiid Tutor app, which was released in April 2019 in Japan, quickly rose to the top of the sales charts among education apps on Android within the first week of its release.

“The major reason for this acquisition was Langoo’s excellent capabilities in its local business with Riiid Tutor,” stated YJ Jang, co-founder and CEO of Riiid. “Our scalability and ability to deploy our technology everywhere, independent of locations, languages, or domains, is Riiid’s strength. We will be able to take advantage of larger Japanese market prospects by utilising this investment. This purchase is the first step in an inorganic approach to bring Riiid’s AI technology to the worldwide market and help more people learn.”

Japan is one of the world’s largest education marketplaces, with huge growth potential in the Japanese edtech industry, which is still reliant on traditional in-person instruction.

According to a research by Yano Research Institute, the Japanese remote learning sector will be worth $2.6 billion in 2020, up 22.4 percent year on year.

Riiid intends to use the acquisition to establish a Japanese unit that will focus on marketing, sales, and B2B business growth. In the market, the firm plans to target local remote learning and education.

To extend its client base in Japan, Riiid will provide its services, which range from the TOEIC to English speaking and tuition.

Riiid has proved a strong foothold in the AI powered ed-tech startup so as to focus on the marketing strategies and also towards business growth. All my best wishes to them.

Shishir Gupta, Founder and CEO, StartupLanes

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