ConveGenius has raised $7 million from UBS Optimus Foundation, Mount Judi Ventures and other existing investors, the K-12 edtech company said on January 11. The round comeS at a time when the funding for the kindergarten to standard 12 vertical within the education technology sector has been drying up.
It will use the fresh funding for advancing generative AI capabilities of its conversational AI platform SwiftChat built on AWS (Amazon Web Services), the company said. The move is in keeping with startups across the country experimenting with Generative AI to advance existing offerings or launch newer ones.
The funding is a part of a larger round that ConveGenius is working towards, the company said without divulging details on the timeline.
“This funding round marks a crucial step in ConveGenius' journey. Our team remains steadfast in the pursuit of empowering every learner, starting with India and fostering data-driven governance for transformative change in education. The capital raised will empower us to export another Indian technology to global markets," said founder and managing director Jairaj Bhattacharya said.
Founded in 2013 by Bhattacharya and Shashank Pandey, ConveGenius has three business verticals, SwiftChat - a conversational AI bot store, Swift School - personalised adaptive learning platform for schools, and Swift Insights - large-scale assessments and data intelligence platform. With the new funding round, the company also plans to expand its reach in international markets.
The startup last raised $5 million in October 2021 while launching the SwiftChat platform. The pre-seed funding round was led by Bace Capital, Heritas Capital and 3Lines Venture Capital.
According to the company, the current round also saw strong participation from the Michael & Susan Dell Foundation (MSDF), Bace Capital, Heritas Capital, and Gray Matters Capital, ConveGenius’ existing backers.
“ConveGenius has implemented at a massive scale educational solutions serving students, teachers, institutions, and Government administrators. It is successfully transforming public education systems, one of the toughest frontiers in the K-12 space. We at Mount Judi Ventures are thrilled to support ConveGenius's mission to redefine education through AI,” said Ali Shariff, Partner at Mount Judi Ventures.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
