Russian educational project YaKlass received investment from Vesna Investment Fund and Professionali.ru founder. YaKlass is a tool that allows you to get school education online from anywhere in the world. Amount of investment and details of the deal were not disclosed, but we know that the company was valued at $2M.
The project has a theoretical basis and an innovative technology platform GenExis that has been developed since 2010. GenExis is a knowledge-generating engine created by European IT company Data Pro Group focused on medicine and education. The technology allows you to automatically generate an infinite number of tasks on any school subject with different answers and variables. For example, a teacher can give his or her class a math test on logarithms, and each student will have different tasks. At the end of the test, the system will check all answers in a fraction of a second and explain all errors found.
The current market size of online education is $56B and it is expected to double by 2015. The project has attracted investments from European holding Data Pro Group, Vesna Investment Fund and the founder of Professionali.ru and Shopogoliq.ru Nikita Khalyavin with post-money valuation of $2M.
Everything that we used to do offline will eventually move to the Internet. YaKlass is our first national know-how which will allow students to be educated using a computer or mobile phone, - Nikita Khalyavin says, a co-investor of the company.
YaKlass is a big step forward in improving the teenage education in Russia, - the project CEO Valery Nikitin says. - The project offers high-quality training materials developed in accordance with the educational standards of the Russian Federation. Now every student with an Internet access can obtain the necessary knowledge on all basic educational subjects and prepare for a test.