Last Riiid valuation
$88M
Series C · Jul 2019
Last Riiid funding round
$175M
Series E · May 2021
Cumulative funding Riiid raised
$257M
across 6 funding rounds
Key investors in Riiid
DSC Investment
IMM Investment
Company K Partners
ES Investor
SoftBank Group
Korea Investment Partners
About Riiid
Riiid is a Seoul-headquartered edtech company that deploys AI-powered tutoring platforms, including its Santa solution based on deep learning algorithms. Santa achieved 1 million users in South Korea, and Riiid expands into global test preparation and new markets with scalable adaptive learning technology.
Founded
2014
HQ
SeoulWebsite
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Subscription
Valuation
$88M (Jul 2019)
Riiid Valuation
Riiid is currently valued at $88M, based on its Series C in July 2019.
The $17M round was led by Premier Partners, with participation from Alpenroute Asset Management, Korea Growth Investment Corporation, IMM Investment, DSC Investment and D Ventures Private Investment Fund.
Riiid valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2019 | Series C | $88M |
Riiid Funding History
Riiid has raised a total of $257M across 6 funding rounds.
Riiid's first fundraising round was a $2M Series A in February 2016. The most recent completed round was a $175M Series E in May 2021.
Riiid funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2021 | Series E | SoftBank Group (lead) | $175M | - | Riiid Inc., a South Korea-based AI education company, raised $175 million in its largest funding round to date from SoftBank Vision Fund 2 as the sole investor on May 24, 2021. This equity investment brought the company's total funding to $250 million. Riiid develops AI-based solutions for K-12, postsecondary education, and corporate training, including its Santa app used by over 2.5 million students in Korea and Japan for TOEIC test preparation. The company has expanded globally through Riiid Labs in Silicon Valley, partnering with entities like Kaplan, ConnecME, Grupo INICIE, and Casa Grande across the U.S., South America, Middle East, and Asia. Riiid plans to use the proceeds to strengthen its AI technology, establish R&D and data labeling centers in the U.S., Canada, and Ghana, and attract global talent. Notable hires include Marten Roorda, former CEO of ACT, and Jim Larimore from the Bill & Melinda Gates Foundation and various universities. The company has published AI research at conferences like NeurIPS and CSEDU and holds 27 registered patents out of 103 applications. This round occurred amid heightened investor interest in edtech, driven by pandemic-related remote learning shifts, with corporate-backed deals reaching record levels in 2020 and continuing into 2021. SoftBank Vision Fund 2's investment marks one of its early moves in AI for education. |
| Jul 2020 | Series D | IMM; IMM Investment; Korea Development Bank; InterVest Co.; Nvestor (Korea) | $42M | - | Riiid is a South Korean EdTech startup specializing in AI-powered educational technology and solutions. The company uses artificial intelligence, natural language processing, and data analytics to personalize learning experiences and predict student outcomes with reported 90% accuracy in score predictions within 10 minutes. Founded in 2017, Riiid had accumulated over one million cumulative users by the time of this funding round. This brought the company's total funding to $70.2 million at that time. The company was experiencing more than 200 percent annual sales growth during this period, reflecting strong market traction in the EdTech sector amid the COVID-19 pandemic's shift to remote learning. In July 2020, Riiid established Riiid Labs as a US subsidiary based in Silicon Valley to expand operations into the American market, with plans to introduce its AI technology to school districts grappling with remote learning challenges. The company emphasized its ability to integrate AI solutions into existing educational systems and announced a $100,000 competition in partnership with Google-owned Kaggle to develop new AI education algorithms. However, Riiid declined to disclose its post-money valuation for this round. |
| Jul 2019 | Series C | Premier Partners (lead); Alpenroute Asset Management; Korea Growth Investment Corporation; IMM Investment; DSC Investment; D Ventures Private Investment Fund | $17M | $88M | Riiid is a Seoul-based AI tutoring startup providing individualized AI-powered education solutions, including B2B offerings like santA.Inside, which enables companies to launch their own AI educational services. The company focuses on transforming education from content-centered to technology-centered paradigms using deep-learning technology validated in academic research. In July 2019, Riiid raised $18 million in a Series C funding round led by Premier Partners, with participation from Alpenroute Asset Management, D Ventures Private Investment Fund, DSC Investment, IMM Investment, and Korea Growth Investment Corporation. The round's post-money valuation was $88.17 million as of June 2019. Most funds were allocated to R&D and enhancements to its B2B services. Riiid has demonstrated potential for global innovation in education, with investors citing its scalable AI technology applicable across diverse educational areas. The company continued expanding post-round, securing later financings including a $41.8 million Series C-II in 2020 and a $175 million Series D in 2021. |
| Apr 2018 | Series B | Korea Investment Partners (lead); Next G Investment; ES Investor; Company K Partners; Partners Investment; NP Equity Partners | $11M | - | Riiid, a South Korean AI tutoring startup, raised approximately $10.6M to $10.8M in a Series B round in April 2018, led by Korea Investment Partners with participation from Company K Partners, ES Investor, Next G Investment, NP Equity Partners, and Partners Investment. This round contributed to the company's early funding stages prior to later investments. Riiid develops AI-powered education solutions, including adaptive tutoring apps like Santa for English proficiency and test preparation such as TOEIC and GMAT. |
| Jun 2017 | Series B | ES Investor; DSC Investment; Daesung Private Equity | $11M | - | Riiid is a South Korean AI-powered education technology company focused on test preparation and educational services. The company initially built recognition through Santa, an app that helps non-English speaking students prepare for the TOEIC English proficiency exam, which was used by more than 2.5 million students across Korea and Japan. Riiid has expanded its business model to license its AI tutoring technology to test prep companies and organizations creating employee training programs. The company has demonstrated strong investor interest over multiple funding rounds, raising a total of $257 million across 11 rounds by August 2021. In May 2024, Riiid closed a $175 million Series D funding round led by SoftBank's Vision Fund 2, marking the company's largest single raise. While specific valuation and revenue figures for the June 2017 round are not publicly available, the company had projected a $304 million valuation when considering a public offering in 2020, indicating significant growth trajectory during its private phase. |
| Feb 2016 | Series A | DSC Investment (lead); DS Asset Management; Company K Partners; Shinhan Capital | $2M | - | - |
Who has invested in Riiid?
20 investors have backed Riiid across its funding rounds, including DSC Investment, IMM Investment, Company K Partners, ES Investor, SoftBank Group and Korea Investment Partners.
Lead investors include SoftBank Group, Premier Partners, Korea Investment Partners and DSC Investment.
Riiid Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Seoul | 3 | Lead | Feb 2016 | |
| Seoul | 2 | Participant | Jun 2017 | |
| Gwangju | 2 | Participant | Jul 2019 | |
| Seoul | 2 | Participant | Feb 2016 | |
| Seoul | 1 | Participant | Apr 2018 | |
 Boulder, CO | 1 | Participant | Jul 2020 | |
| Seoul | 1 | Participant | Jul 2019 | |
| Seoul | 1 | Participant | Jul 2019 | |
 Tokyo | 1 | Lead | May 2021 | |
| Seoul | 1 | Lead | Apr 2018 | |
| Seoul | 1 | Participant | Jun 2017 | |
| Seoul | 1 | Participant | Jul 2020 | |
| Seoul | 1 | Lead | Jul 2019 | |
This data is available for Pro users. Sign up to see all 20 Riiid investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Riiid
Riiid has acquired 2 companies to date.
Last acquisition by Riiid was on December 21st 2023. Riiid acquired Qualson for undisclosed valuation.
Latest Acquisitions by Riiid
| Description | Qualson is a mobile language learning services provider that has received investments from Samsung SDS, POSCO Capital, Softbank, Capstone, and DSC Investments. | Langoo is an AI-driven edtech platform headquartered in India that personalizes language learning experiences for students. The service uses machine learning algorithms to adapt lessons in English, Spanish, French, and other languages based on user proficiency and progress. Langoo partners with schools in Southeast Asia to integrate its app into curricula, offering gamified exercises, speech recognition for pronunciation practice, and real-time feedback. |
| HQ Country | | |
| HQ City | Seoul | Tokyo |
| Deal Date | 21 Dec 2023 | 7 Oct 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Riiid acquisitions and their M&A valuation multiples. Start Free Trial | ||
Riiid Competitors
Riiid competitors include listed companies like Fenbi and Chegg, and private ones like CollegeVine, KNOW, Wonder Workshop and CodiPlay.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $399M | $38M | $89M | - | |
| Boston, MA | Private | - | - | $84M | - | |
| Los Angeles, CA | Private | - | - | $83M | - | |
| United States | Publicly listed | $377M | ($30M) | $83M | 0.2x | |
| San Francisco, CA | Private | - | - | $80M | - | |
 Almaty | Private | - | - | $100M | - |
Riiid Public Comps
Riiid is still privately-owned, but its public comps include Blaize Holdings, Fenbi, Chegg, Laboro AI, Pluszero, Nerdy, Razor Labs, 51 Talk, Airship AI and 3P Learning.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $39M | ($205M) | 1.3x | 1.3x | (0.2x) | (0.9x) | |||
| $399M | $38M | - | - | - | - | |||
| $377M | ($30M) | 0.2x | 0.2x | (2.1x) | 1.5x | |||
| $12M | $2M | 6.4x | 6.4x | 49.0x | - | |||
| $10M | $4M | 8.8x | 7.4x | 23.5x | - | |||
| $179M | ($54M) | 0.4x | 0.4x | (1.2x) | (9.2x) | |||
| $11M | ($5M) | 5.2x | - | (13.2x) | - | |||
| $96M | ($16M) | 0.3x | 0.3x | (2.0x) | - | |||
This data is available for Pro users. Sign up to see all Riiid competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Riiid
| When was Riiid founded? | Riiid was founded in 2014. |
| Where is Riiid headquartered? | Riiid is headquartered in Seoul, South Korea. |
| Is Riiid publicly listed? | No, Riiid is a private, VC-backed company. |
| What is Riiid's valuation? | Riiid was last valued at $88M in its Series C in July 2019. |
| How much funding has Riiid raised? | Riiid has raised $257M across 6 funding rounds. |
| What was Riiid's last funding round? | Riiid's last funding round was a $175M Series E in May 2021, led by SoftBank Group. |
| Who are Riiid's investors? | Riiid's investors include DSC Investment, ES Investor, IMM Investment, Company K Partners, Next G Investment, IMM, Alpenroute Asset Management, Korea Growth Investment Corporation, SoftBank Group, Korea Investment Partners and 10 others. |
| Which companies are comparable to Riiid? | Companies comparable to Riiid include Fenbi, CollegeVine, KNOW, Chegg, Wonder Workshop and CodiPlay. |
| How many companies has Riiid acquired? | Riiid has acquired 2 companies, including Qualson and Langoo. |
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