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All edutech Funding Startup News in Korea (Korean Startup News)

GLORANG Secures 9B KRW in Series A2 Funding to Expand AI-Driven Educational Services

2024-06-10 2 min read

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GLORANG Secures 9B KRW in Series A2 Funding to Expand AI-Driven Educational Services

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Korean AI talent tech company GLORANG has secured 9 billion KRW in Series A2 funding from Murex Partners, Korea Development Bank, Industrial Bank of Korea, Japan’s TBS Innovation Partners (Tokyo Broadcasting System), PKSHA Capital, and others. Part of this funding comes in the form of conditional investment loans, bringing the company’s total accumulated investment to 25 billion KRW.

GLORANG develops and offers psychological diagnostic tests that standardize essential abstract educational indicators like critical thinking, creativity, and mathematical ability for the AI era. Currently, 6,600 elementary, middle, and high schools are clients, with increasing demand from corporations, education offices, hospitals, and universities.

Each year, 2 million students from elementary, middle, and high schools undergo assessments for intelligence, aptitude, interest, and temperament, with over 100 types of tests available. Additionally, through research agreements with professors from prestigious universities in Korea, the United States, and Japan, GLORANG is developing game-based tests and AI-driven EEG tests suitable for practical application. The company plans to launch a SaaS service that integrates the test-taking process online.

Using SaaS for testing will not only reduce operational and logistical costs but also establish an integrated data system, enabling data-driven business expansion. The diagnostic tests will be quickly translated and developed in multiple languages, including English, Japanese, Vietnamese, and Russian. Recently, through an exclusive contract with TBS, one of Japan’s largest media groups, the tests are rapidly expanding into the global market.

GLORANG’s platform, Gguge, offers real-time online classes for children aged 5 to 19. It has launched approximately 6,000 classes with 1,000 teachers, covering subjects such as Korean, English, mathematics, and categories like Roblox, Minecraft, cube puzzles, reading, and native English.

In April 2024, revenue doubled compared to the same month last year, and the repurchase rate reached a record high of 65%. The subscription revenue proportion increased from 20% to 80% of total revenue year-over-year, with an average ROAS(Return on Advertising Spend) exceeding 1,500%, demonstrating sustainable product competitiveness.

With the real-time class platform optimized for competitive use, Gguge plans to expand to middle and high school age groups, preparing to embrace the paradigm of real-time education. Even before expanding the age range, over 15% of active students are already in the middle school age group, indicating a natural broadening of the target audience as the platform grows. Gguge aims to offer educational value that large, exam-focused education companies cannot provide, by officially expanding to middle and high school and implementing targeted strategies.

GLORANG’s CEO, Taeil Hwang, stated, “Thanks to the efforts of our colleagues, we have been able to achieve continuous growth despite challenging circumstances. In the upcoming AI era, personalized education based on individual talents and interests, delivered through real-time interactive education, will become mainstream, rather than standardized exam-focused education. As we are conducting global investment rounds in Japan and the United States, we aim to achieve both robust domestic growth and significant global business expansion in 2024.”

[Korean Edutech Startup News]

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