Riiid honored for achievements in the transformation of education with cutting-edge AI technologies
NEW YORK - CB Insights today named Riiid to the fifth annual AI 100 ranking, showcasing the 100 most promising private artificial intelligence companies in the world.
“This is the fifth year CB Insights has recognized the most promising private artificial intelligence companies with the AI 100, and this is one of the most global groups we've ever seen. This year's cohort spans 18 industries, and is working on everything from climate risk to accelerating drug R&D,” said CB Insights CEO Anand Sanwal. “Last year's AI 100 companies had a remarkable run after being named to the list, with more than 50% going on to raise additional financing (totaling $5.2B), including 16 $100 million+ mega-rounds. Many also went on to exit via M&A, SPAC or IPO. As industry after industry adopts AI, we expect this year’s class will see similar levels of interest from investors, acquirers and customers."
“Riiid’s inclusion on the list validates our drive to apply AI to create a personalized learning experience and empower global education players to rethink traditional instruction,” said YJ Jang, co-founder and CEO of Riiid. “We were founded to make exponential changes in education and we are indeed pioneering a new paradigm. The coronavirus pandemic created a perfect storm for Riiid to provide its proprietary AI technologies to meet the demand for the highest quality remote learning solution.”
Through an evidence-based approach, the CB Insights research team selected the AI 100 from a pool of over 6,000 companies based on several factors including patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
Riiid, based in South Korea, features AI technology that analyzes student data and content, predicts scores and user behavior, and recommends personalized study plans in real-time to help students achieve their learning potential. Riiid offers a mobile test prep app for a popular English proficiency exam that is used by more than two million students in Korea and Japan and reached No. 1 in sales among education apps in those markets. In addition, Riiid Labs, the company’s global arm based in Silicon Valley, has partnered with education companies including Kaplan, ConnecME, Grupo INICIE, and Casa Grande to combine Riiid’s AI technology and the content provided by those companies, creating personalized learning mobile apps in Korea, Egypt, UAE, Turkey, Saudi Arabia, Jordan, Brazil, Colombia, and Puerto Rico.
To generate research and attract top AI talent to education, last year Riiid successfully launched the inaugural Riiid AIEd Challenge, carried out on Google’s Kaggle platform. More than 3,390 teams from 90 countries participated -- the most of any 2020 Kaggle algorithm competition hosted by a business entity. Riiid also hosted an AI in education workshop at the 35th annual AAAI conference with speakers including Thomas Frey, DaVinci Institute; Elizabeth Bailey Kozleski, Stanford Graduate School of Education; Martha Kanter, CEO of College Promise and former U.S. Under Secretary of Education for the Obama Administration; and Kumar Garg, Schmidt Futures Foundation.
Quick facts on the 2021 AI 100:
• Equity funding and deals: Since 2010, the AI 100 2021 cohort has raised over $11.7B in equity funding across 370+ deals from more than 700 investors.
• 12 unicorns: Companies with $1B+ valuations on the list span applications as varied as data annotation, cybersecurity, sales & CRM platforms, and enterprise search.
• Geographic distribution: 64% of the selected companies are headquartered in the US. Eight of the winners are based in the UK, followed by six each in China and Israel, and five in Canada. Other countries represented in this year’s list include Japan, Denmark, Czech Republic, France, Poland, Germany, and South Korea.