Germany’s edtech jewel app StudySmarter has closed a $15M Series A round
StudySmarter a German leading edtech startup based in Munich, has today closed a $15 million in a Series A round to globally expand its learning app. The round was led by Owl Ventures, one of world’s leaders in edtech, along with Left Lane Capital who is also co-investing. Individual investors Lars Fjeldsoe-Nielsen and Dieter von Holtzbrinck also took part in the round.
Founded in 2017, StudySmarter develops an intelligent platform for lifelong learning, first published in 2018 and is used by 1.5 million+ German speaking users in Europe by both higher education students and K12 learners. The platform’s unique approach to learning uses AI powered natural language processing (NLP) to create “text-based interactive custom courses” while tracking their learners’ progress.
The app is offering the all in one environment with no extras to download as it “enables students to manage all their revision in one place” while the transition to other languages through its NLP models can be made with no new training data making it “scalable in any language”. The company also claims that 94% of the app’s users-learners achieve better grades.
Co-Founder of StudySmarter Maurice Khudhir said “More than one in three students drop out becouse of challenges they face in their learning process. That’s why we founded StudySmarter as an intelligent platform that supports learners individually throughout their entire learning journey. Our platform has the power to enable access to digital education and ensure successful outcomes for hundreds of millions of learners across the globe. With Owl and Left Lane, we have found the perfect partners who share our vision to become the world’s central hub for learning.”
That being said, anyone who wish to improve their learning skills on any topic they wish can do it by using the app by submitting their study goals. Users can also contribute their content to create courses with StudySmarter’s algorithm turning their source material into interactive study aids making it both “a content marketplace and a learning platform”. Additionally, one of the platform’s unique functionality is that users can share their content with other learners, giving them access to more than 25 million pieces of content (80% of content created being shared).
“StudySmarter’s award-winning platform revolutionizes the learning journey and provides students the ability to be successful and achieve their learning goals” as stated by Jenny Wang of Owl Ventures. “Today more than a quarter of all higher ed and A-level students in Germany are on StudySmarter’s platform and we’re incredibly excited to partner with this team as they continue to scale and expand into new markets.”
Source: TechCrunch “StudySmarter books $15M for a global “personalized learning” push”