TestBank’s Solve Platform Gains KRW 2.3 Billion in Pre-Series A Funding
TestBank, a South Korean-based digital reference service, has secured a pre-Series A investment of KRW 2.3 billion from notable investors such as Shinhan Capital, Quantum Ventures Korea, Korea Credit Guarantee Fund(Kodit), Sui Generis Partners, Synergy IB Investment, and others.
Solve (쏠브), TestBank’s flagship service, provides a digital rendition of textbooks and workbooks, preserving the traditional experience of studying with physical textbooks by seamlessly transitioning it to tablets. What sets Solve apart from similar platforms is its innovative approach of separating problem-solving from answer input.
Within just one year of its launch, Solve has garnered 10,000 natural user acquisitions and achieved a customer service recommendation score in the 9s, showcasing the growing demand for a shift towards digital learning environments among students. The platform is focused on optimizing features like automatic grading of PDF workbook questions and an auto-error note system.
Having initially forged partnerships with major players in the college entrance exam education market, including Mega Study Education and Jinhaksa, Solve is now expanding its footprint into the job market and certification sectors with collaborations such as MegaMD, MegaLand, and Ubion.
Kim Jang-hoon, Senior Manager at Shinhan Capital, commended TestBank for its strategic timing and resilience in the challenging EdTech sector. He emphasized the company’s ability to drive the digital transformation of the market based on the feedback and needs of stakeholders, including education service providers.
Lee Seung-soo, Deputy Manager at Ubion, recognized TestBank’s competitive edge in developing technology based on a precise understanding of the book production process. He particularly highlighted the significant feature of real-time grading capability for PDF files.
Looking ahead, TestBank plans to implement a system for extracting various detailed information from pages, such as questions, answers, and keywords. The company aims to enhance digital learning functionalities, track and analyze students’ problem-solving processes and note-taking in real-time, and provide an integrated service for partners in the education market across multiple dimensions.
Expressing gratitude for the support from shareholders and partners, TestBank’s CEO, Choi Hyun-wook, underscored the company’s role in addressing challenges related to the transition to digital learning environments, including note app development and the establishment of question databases and learning management systems.
- LOGIBROTHERS Secures Strategic Investment from Grand Ventures to Expand AI Education Globally
- Glorang Secures Strategic Investment for Talent Tech from Tokyo Broadcasting System
- Mathpresso’s QANDA Hits Record KRW 17B Revenue, Targets Global Growth
- TEAMSPARTA Achieves Record-Breaking First Quarter Revenue, Targets Global IT Leadership
- [Korean Startup Interview] POSTMATH: Revolutionizing Math Education Globally with Innovative Solutions ‘Math Assistant’
- MockingBird, AI-Powered CSAT Preparation Platform, Attracts Seed Investment
- ULIFT Raises Series A funding for Expansion of Innovative Mobile Coding Education Platform
- Korea’s Edutech Firm YAHO LAB Chosen for Singapore’s ‘EduSpaze’ Startup Program
- Mathpresso Launches Prep.Pie, AI Tutoring Service Tailored to US College Students
- [Korean Startup Interview] EZContentsLab: Enjoying AI-Based 3D Korean Learning for Foreigners Like a Game
