Foundation Holdings, a major global investment company with its headquarters in the UAE, announced a $42 million investment in Toppr Technologies Pvt Ltd, a leading Indian ed-tech AI (artificial intelligence) platform.
Founded in 2013, Toppr is on a mission to personalize the learning experience, with thousands of course combinations providing the widest K12 (Kindergarten to 12th standard) syllabus coverage.
The AI ed-tech platform currently boasts over 10.3 million learners and helps students to prepare for various school, board and competitive exams. It uses Natural Language Processing, to overcome any questions they may have immediately.
Natural language processing deals with the interactions between computers and human languages.
The platform combines artificial intelligence, machine learning, and big data to analyze student behaviors and develop infinite combinations of adaptive learning strategies.
Foundation Holdings’ investment will further assist in the development of the Toppr School Operating System (OS) based on AI. This is a groundbreaking digital platform for schools that integrates in-school and after-school learning to create a personalized experience.
Toppr’s ambition is to introduce an AI-enabled, integrated education delivery benchmark model by enabling institutions to develop a teacher-driven platform. While the basic version of its offering will remain free, the premium version will allow wider access to the platform and additional offers.
“The COVID-19 pandemic led lockdowns have turned the spotlight on ed-tech and the potential power the sector can unleash. We believe that an omni-channel, blended learning model is the future of education in the region and beyond. Toppr’s leading adaptive educational platform will ensure we deliver impact at an unprecedented scale.”
Foundation Holdings already supports the UAE Education Vision 2021 which states that providing first-rate education is a cornerstone of the National Agenda in line with Vision 2021 and plans to work with and bring Toppr to the GCC to help support this Education Vision 2021. EdTech has focused primarily on supporting Education, but the next generation of these companies are taking a learner-centered approach.
Currently there are about 10 million learners in the K12 category in the GCC region with an additional two million learners to be added by 2025. Saudi Arabia alone represents more than 70 percent of regional demand.
The K-12 market is expected to double in the next five years, from $13 billion to $26 billion by 2023, according to a recent report by Boston Consulting Group. The global demand for EdTech is expected to hit $252 billion by 2020, according to EdTechXGlobal.
Taking into account that there are around 6 million students in Saudi Arabia alone, with many more in the region, Toppr has tremendous potential for growth within the country.