New Delhi: Education-technology company, iAugmentor Labs Pvt. Ltd raised Rs.1 crore in seed funding from Rajasthan Angel Investor Network and other undisclosed individual investors, the company said in a statement on Monday.
The company plans to allocate the funds to introduce new learning mediums such as games, animations, cartoons and videos. Founded in February 2016, by Pratik Marwah and Sameer Sikka, curates personalized skill-based learning activities.
The company uses data analytic tools, artificial intelligence and individual’s psychometric assessment to create the learning module. Psychometric tests evaluate an individual’s behavioural characteristics and cognitive aptitude.
A business-to-business (B2B) service, the company has partnered with both national and international universities. The learning module of iAugmentor aims to bridge the skill gap between education and job, the company said in a statement.
“Personalized learning trajectory of learners on our platform is going to be powered by millions of content items, across various learning media such as animations, cartoons games and expert videos to keep the learner engrossed. This investment will fund the continuous enhancement of iAugmentor’s content repertoire,” said Sikka in a statement.
The Gurgaon-based company plans to expand its footprint across India and other countries based in Africa and the Middle East, in next one year.
Online education market in India is estimated to grow at a compounded annual growth rate of 17.50% from 2014 to 2019, according to a report published by Technavio, a technology research company.
According to Tracxn, a start-up tracker, as many as 271 online education start-ups were founded in 2014, which increased marginally to 293 in 2015. In 2014, about $28 million was invested in the sector across 32 deals, shows Tracxn data. In 2015, 47 deals worth $74.7 million were struck.