Databank, a South Korean educational technology startup, announced it has raised $2.7 million in its Series A funding round.
The investors who participated in the round include early-stage venture capital firms Company K Partners, Intervest, and KB Investment.
Founded in 2019, Databank offers English mock test-takers automated scoring and immediate feedback on their spoken and written answers. The startup said that the automation of the process shortens the time it takes to score the open-ended tests, from three days in general if scored by human graders.
Commenting on the development, Song Da-hoon, Chief Executive Officer, Databank, said in a statement,
“Currently, students are receiving a one-size-fits-all education when, in reality, each student’s learning curve is different. By providing an adaptive education program, AI serves as an excellent tool for both educators and students alike.”
The startup plans to use the fresh proceeds to expand its artificial intelligence-powered services and widen its client base. It said the fresh capital will allow the service, which is currently available to the Test of English as a Foreign Language, to be applied to other open-ended standardized tests including the International English Language Testing System and Graduate Record Examinations.
Databank said that since its founding, its service has tapped into the English-as-a-Second-Language market in 186 countries, including India, Indonesia, Pakistan, and Korea. The startup claimed to have so far attracted over 300,000 active users.
According to the company, the latest funding round brought the startup’s post-series value to $11.5 million, up sevenfold from the previous round of funding.