Riiid! Wins Grand Prize (Minister’s Award) for E-Learning Business Model in Start-Up Segment

21, Sep, 2016

Riiid! Wins Grand Prize (Minister’s Award) for E-Learning Business Model in Start-Up Segment

- It is the first government-led award ceremony. Edu Tech is the main driver for growth in the era of a Fourth Industrial Revolution.
- Riiid! stands unrivalled compared to other Edu Tech companies owing to its technology partnership with KAIST on data mining & machine learning.

On the 21st, Riiid! announced its feat of having received a grand prize from the Minister of Trade, Industry and Energy (MOTIE) during the “E-Learning Edu Tech Start-Up Business Model Competition.” The Edu Tech Competition took place as part of E-Learning Korea 2016 which was jointly held by MOTIE, Ministry of Education, and Kangwon-do Office of Education in COEX, Seoul for four days from the 21st. It was the first government-lead award ceremony ever since the creation of the Edu Tech Award.

The edu-tech sector was chosen as one of the top 12 best techs for the future that will lead 2016 during CES and is emerging as one of the major industries that will drive a Fourth Industrial Revolution. Riiid! is an edu-tech start-up having developed “Adaptive Learning Platform” and a 1:1 TOEIC learning application Santa For TOEIC! based on its proprietary algorithm. In particular, Riiid! is seeking development efforts based on its R&D agreement with the research team led by Professor Seo Chang-Ho and Doctor Lee Kang-Wook at KAIST, who are highly recognized machine learning experts in Korea.

Riiid! explains that such partnership enabling to enhance the prediction accuracy for correct and incorrect answers and also for multiple choices. Riiid!’s powerful technology is Adaptive Learning based on machine learning, which offers an analysis and visualization of user’s learning status through Visual Analytics and offers a set questions that can help improve individual user’s weaknesses as well as diverse learning content.

Machine learning allows users to identify correlations between individual questions and types of questions and identify incorrect answer patterns which had been not easily discernible in the existing educational system or through mere intuition and experience of instructors. Riiid! also provide a learning environment where users can become highly immersive, enabling a user-specific multi-dimensional analysis and dynamic adjustment of complexity of questions.
Upon receiving the award, Jang Young-Jun, CEO of Riiid! said that “if the technology level in non-education areas such as e-commerce, fin-tech, and entertainment is 100, then that in smart learning, e-learning, and edu-tech is only 50”, stressing that artificial intelligence may excel mankind in education. In the future, 90% of the multiple choice test market will be replaced by AI and Riiid! wants to prove that AI-based learning is more effective, but also warm and humane for users than when conventional tests.
Meanwhile, Riiid! also became the best prize winner during the “Let’s Racing Demo Day” for a start-up competition held in Shanghai, China last August. Let’s Racing, jointly held by Handong University and China’s specialized accelerator Neoply China, also drew much attention with its special theme focusing on the commonalities between racers and entrepreneurs, both known for innovating while taking risks.