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Edutech Startup Riiid! Wins an Investment Competition in China!

15, Sep, 2016


Edutech Startup Riiid! Wins an Investment Competition in China!


- Riiid! becomes the final winner of the Neoply China Demo Day held in Shanghai, China



An educational technology startup Riiid! (www.riiid.co, CEO Jang Young-Jun) won a startup competition held in Shanghai, China. Riiid! announced its final winning at the Let’s Racing Demo Day co-hosted by a Chinese specialized accelerator Neoply China and Handong University and co-organized by Fudan Software Park and Handong University Link Project Group.  


On the 19th, during the demo day held at Fudan Software Park in Shanghai, China, five Korean startups targeting the Chinese market and five startup consortium teams consisting of young Chinese and Korean university students took part.


Jury members were CEO Daniel Shi of a Chinese investment firm 23 Seed, Kevin Ren, co-founder of Dasbank, and CEO Shin Dong-won of Neoply China. Moreover, Shanghai Dragon Television and the Chinese investment community as well as the local media showed great interest.

 

Riiid! participating as an educational technology startup had the honor of winning by proposing the development of an AI-based machine learning algorithm through analysis of incorrect answer data and proposing adaptive learning solution accordingly. Riiid! is planning to launch an AI-based language learning test service currently under development targeting the Chinese multiple choice test market.

 

CEO Jang said that Riiid! achieved its short-term goal of securing a bridgehead to penetrate the Chinese market in 2016 through the Neoply China Demo Day and noted that his company has positive feedbacks from local Chinese investors for having a good understanding of the Chinese market based on which it will target the global market.

 

Meanwhile, Let’s Racing Demo Day drew much attention with its special theme on sharing commonalities between racers and entrepreneurs, both of whom seek innovation while taking risks. The final winning team was chosen following a 30 second elevator speech, 150 second pitching and a 10 minute Q&A session. The second prize went to Freestage for its VR-based Karaoke service and the third prize to Data King for providing a big data 3D map technology platform.