TagHive, the Samsung-spin-off education technology startup, has raised Pre-series A funding from Compliment Capital’s Managing Partner Joon Hyon.
The South Korea-based company did not disclose the amount of the funding it raised in the round. However, sources said the amount ranged between Rs 3-5 crore, and the funding has taken the valuation of the startup to $10 million (around Rs 74.9 crore).
Founded in 2017 by Pankaj Agarwal, TagHive boosts students’ learning experience by making learning in-class and at home smart and interactive through its ‘Class Saathi’ brand in India and ‘ClassKey’ brand elsewhere. Its Class Saathi solution, powered by artificial intelligence, enables students to learn effectively through quizzes and allow teachers, parents, and authorities to review students’ learning outcomes and help make better education.
TagHive entered the Indian market in 2019 by collaborating with the government of Madhya Pradesh and Uttar Pradesh. The company said its Class Saathi, as a platform, has already been proven to be effective in the country.
Speaking about the company and its operations in India, Pankaj Agarwal, Founder and CEO, TagHive, said,
“Our efforts of developing the product in South Korea have paid rich dividends to us as we now cater to over 400 schools there. Class Saathi, as a platform, has already been proven to be effective in India in collaboration with the government of Uttar Pradesh and Madhya Pradesh.”
The company said it will use the fresh funds to strengthen its presence in the two states and other states, and also to expand its team in India.
TagHive has already onboarded close to 50 schools in India in less than a year and is looking at expanding its operations across 10,000 schools by 2022.
Commenting on the investment, Joon Hyon, Managing Partner at Compliment Capital, said in a statement,
“The e-learning industry in India has a huge business potential. By using Artificial Intelligence, TagHive is uniquely placed in India to take the tech-based teaching solution across rural towns of India with minimal infrastructural investments.”
Explaining the prospects of e-learning business in India, Pankaj Agarwal added, “We need to take cognizance of the fact that e-learning has tremendous business potential in India, as has been witnessed in this lockdown. Going forward, teachers and students would have to come to terms with e-learning to ensure that we continue maintaining social distancing. Schools across India are figuring out unique ways to leverage technology to enhance their learning methods. Class Saathi is intuitively designed to create an interactive and immersive learning experience for the students, making them confident about their subjects which might not be possible with classroom learning alone.”