Clevai, a Vietnamese after-school tutoring platform for K-12 students, has secured US$2.1 million in a pre-Series A financing round.
Singapore-based Altara Ventures and existing backers including Vietnam and SEA-focused VC FEBE Ventures and New York-based marketplace investment firm FJ Labs participated in the round, according to DealStreetAsia.
The fresh funding will be utilised to strengthen Clevai’s live-streaming infrastructure and improve AI-driven personalised learning capabilities. The startup will also press ahead IP with the goal of serving 20,000+ students. It claims to receive supports of advisors from Harvard, Oxford, and Google for this target.
e27 has reached out to the company to find out more details about the funding round and their plan.
Founded in 2020 by CEO Tran Manh Thang and two other co-founders, Clevai is an AI-enabled, after-school tutoring platform for students from kindergarten (K) and the 1st through the 12th grade (K-12).
The edutech startup’s flagship product, Clevai Math, provides live-streaming classes in mathematics with teachers from the country’s “top-tier schools”. It also offers assistance from AI to help students do additional and practical exercises.
Also Read: Edutech is surging, but here are the 3 issues it is facing
According to the company’s website, its adaptive learning approach will analyse the learning history of each student and deliver custom learning experiences through timely feedback, resources, and pathways to ensure the best individual progress.
According to a Bain & Company analysis, Vietnamese parents view education as the primary means towards a successful career. The average Vietnamese family spends approximately ~20 per cent of disposable income on education, compared to 6 – 15 per cent in other Southeast Asian peers.
As the pandemic forces students to stay at home and schools to massively adopt online learning, a slew of Vietnamese edutech startups have raised capital in 2021. They include educational services provider Equest (US$100 million investment from KKR), AI-powered language app Elsa (US$15 million Series B led by Vietnam Investments Group), Educa Corporation (US$2 million Series A from Alibaba-backed eWTP), Marathon Education (US$1.5 million in seed funding), and most recently CoderSchool (US$2.6 million pre-Series A led by Monk’s Hill Ventures).
By the end of 2023, the Vietnamese e-learning market is expected to be worth over US$3 billion, according to Ken Research, with the increase in the number of foreign players entering the market.
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