Riiid secures $175 million from SoftBank Vision Fund 2

Riiid, a Seoul-based company that builds artificial intelligence software for education, announced on May 25, 2021 that it had raised $175 million in new funding. The entire amount came from a single investor, SoftBank Vision Fund 2.

According to the company's press release, the investment lifted Riiid's total funding to $250 million. The company said it would use the capital to strengthen its AI technology and to set up research and development centers and data labeling centers in the United States, Canada and Ghana. It also planned to widen its presence in the United States, South America, the Middle East and Asia, working with partners that include Kaplan, ConnecME, Grupo INICIE and Casa Grande.

Riiid develops AI-based personalized learning and assessment tools intended for school education, postsecondary education and corporate training. Its global arm, Riiid Labs, was established in Silicon Valley in 2020 and leads the company's expansion in other regions. At the time of the announcement the company said it had applied for more than 103 patents, 27 of which had been registered, and that it had been named to the 2021 CB Insights AI 100 list.