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SoftBank Invests in South Korea’s AI Test Tutor Platform Riiid

On May 24, SoftBank Vision Fund 2 announced exclusively investment of USD 175 million in Riiid, a South Korean AI tutor company.

On May 24, SoftBank Vision Fund 2 announced exclusively investment of USD 175 million in Riiid, a South Korean AI tutor company. With more than 2.5 million student users in South Korea and Japan, Riiid provides English proficiency tutoring and test preparation services through an app called Santa. Riiid also cooperates with third parties to provide exam preparation services. For example, Riiid collaborated with Kaplan to help Korean students prepare for the GMAT.

The investment in Riid shows that SoftBank is continuing its bets in AI. Last year, thee conglomerate announced a record loss of $18 billion on Monday, which was in large part due to the collapse of valuations of companies such as Uber and WeWork. In July 2019, SoftBank’s Masayoshi Son announced plans to establish a USD 108 billion “Vision Fund 2” to dedicate investments in artificial intelligence. The SoftBank Group had pledged USD 38 billion to the Vision Fund 2.

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1 comment on “SoftBank Invests in South Korea’s AI Test Tutor Platform Riiid

  1. Nowadays, many people and companies are investing in innovation or cryptocurrency as far as I know. I even heard Tesla, bought myself bitcoins and is going to accept payment using cryptocurrency. My friend a trader is now using https://zignaly.com/ to invest and automate some of the processes

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