Elevator Pitch: RiiiD’s AI Tutor Solution
Inequality of educational opportunities.
An AI tutor for standardized tests.
Primarily education, but our current AI technology can be applied to any kind of user assessment tool that’s based on multiple-choice questions.
That we optimize access to our AI tutor solution and other highly efficient learning tools to every individual and institution on earth.
Given the recent AI hype, many education companies are trying to take advantage of the term “AI.” (Ed. note: “See The Future Is Bright”, later in the magazine.) That may result in increased distrust and negative perception of AI education. Empty promises and selfish behavior can cause major setbacks and even delay the overall market progress and growth for the industry.
The global test preparation market size is $280 billion. Consumers are willing to pay if true value is provided, and existing players are reluctant to change due to their lack of tech expertise and fear of cannibalization. Through our first commercialized solution in Korea and Japan, the firm has successfully proven its solution’s efficacy (about 130 points increase with 20 hours of training — with the total score measured on a scale from 10 to 990 points) as well as high marketability (1.1million users solely in Korea). We own the AI engine and technology in the platform, and we are currently developing a global learning platform for SAT, ACT, AMC and AP, targeting a global launch in the first half of 2020.
THE USE CASE
When a student signs up for our service, our AI tutor provides 6 to 10 diagnostic questions and estimates his/her exam score based on our state-of-the-art neural network models. Afterwards, our AI tutor, through a reinforcement learning-based algorithm, recommends practice questions and lectures that maximize the probability of reaching the user’s target scores. Since the solution assesses students and suggests content without any human intervention, the cost of teaching not only decreases, but also becomes easily scalable.
We are a Series C startup that has raised about $32 million from VCs including Premier Partners, Korea Investment Partners, DSC investment, and IMM investment.