Edtech Platform Emeritus Successfully Raises $650 Million in Latest Funding Round

Emeritus, one of the leading ed-tech platforms has raised $650 million in funding. Silicon Valley venture capital company Accel and Softbank took charge of the latest funding round. 

The Singapore-based company’s valuation has reached $3.2 billion after the last funding round. 

SEE ALSO: Dataiku’s Valuation Touches $4.6 Billion after Raising $400 Million in Series E Round

COVID-19 Impact on Education

The onset of the COVID-19 pandemic has brought a considerable amount of changes in the education sector around the world. 

Nearly 1.2 billion children from around the world were compelled to skip school and stay out of classrooms [1]. As a result, the adoption of e-learning and remote learning platforms has grown at a remarkable rate over the past year.

Investments in online learning and related services have also boomed due to this paradigm shift across the global education sector. 

In fact, this is not SoftBank’s first investment in this sector. The company has invested in a South Korean AI-tutorial startup Riid Inc and Class Technologies Inc, a firm that develops tools that are used in teleconferencing applications. 

There are many similarities between Edtech giant Coursera Inc and Emeritus. However, the size of the classes is smaller and much more interactive. 

A majority of the company’s business lies in providing courses for alternative credentials. However, in recent years, a lot of universities are using the platform to offer partial or full-time degrees. 

How are the Funds Going to be Utilized?

A major chunk of the latest funding will be used to build upon the recent acquisition of iD Tech. iD Tech is a platform that is used to teach technology and science to students and also create new courses to widen a company’s footprint. 

iD Tech has successfully delivered courses to over 250,000 users in more than 80 countries. 

Emeritus has a rich presence across the globe as it currently works with over 50 universities in China, India, United States, and SouthEast Asia. The company seems to be unfazed by China’s stance on online education and remains confident that e-learning will become the new normal globally.   

SEE ALSO: Robinhood Buys Say Technologies, It’s First Acquisition as a Public Company

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Source:

[1] Li. C and Lahni. F (2020) “The COVID-19 pandemic has changed education forever. This is how” World Economic Forum [online] Available from: https://www.weforum.org/agenda/2020/04/coronavirus-education-global-covid19-online-digital-learning/ [Accessed August 2021]

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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