Riiid Inc, a South Korean AI tutorial startup, on Monday said it raised $175 million from SoftBank Group Corp's Vision Fund 2 as it looks to shake up the world of standardized testing, and take its technology to public schools.

Startups targeting public schools, especially in the United States, have found it harder to elicit venture capital, which has often cited the challenging sales landscape. Critics say the pandemic and technology have further widened the education wealth gap.

Riiid's AI tutor started making money in Japan and South Korea with test prep services for the English assessment test TOEIC. It also licenses its technology to test prep companies and businesses looking to create training programs for employees.

Source: https://www.reuters.com/technology/exclusive-korean-ai-tutor-riiid-raises-175-million-softbank-heads-public-schools-2021-05-24/