GreyAtom, a Mumbai-based education technology startup has announced that it has secured around Rs. 63.5 crore ($1 million) in its new funding round from early-stage venture capital fund Pravega Ventures.
The company says that the funding will be used to develop innovative artificial intelligence (AI) based features and learning platform Commit.Live. The funding will also be used by the company for strengthening its ecosystem of quality instructors, hiring partners and academia.
Commenting on this newly raised funding round, Mitul Thakkar, cofounder, GreyAtom, said:
We will use the money to build our technology, team, and increase data science capabilities. What we want to do is to enable a personalised learning path. We want to create student mapping. How can we create a personalised career path based on your interest, what career options can we suggest.
Founded in February last year by Shweta Doshi, Mitul Thakkar, and Mayuresh Shilotri, GreyAtom is an onsite school focused on providing industry-relevant programs on emerging technologies. The company has developed Commit.Live which is a cloud-based learning platform which not only helps students in getting deep qualitative insight into the learning progress but also makes learning meaningful and social at the same time.
In just about one year of launch, the startup claims to have on-boarded 35 companies to be industry partners, empanelled 41 Certified Instructors and processed over 450 students under various programmes.
The online education market is expected to touch $1.96 billion by 2021, according to the KPMG-Google report released in May 2017. The report further adds that re-skilling and online certification courses currently account for a majority (38%) of the online higher education market.