May 25, 2021 13:10
Japan's top venture-capital investor Softbank will invest some W200 billion in a Korean artificial-intelligence education start-up called Riiid (US$1=W1,127).
Riiid said Monday that it has signed the US$175-million deal with Softbank's Vision Fund.
Riiid CEO Jang Young-jun (center) and engineers pose for a photo at company headquarters in Seoul on Monday.
Softbank has already invested in Korea's Coupang ($3 billion) and Iyuno Media ($160 milion).
Riiid was established in 2014 to develop AI technology for tailored educational content. It was capitalized at W38 million at the end of 2020 and employs only 150 workers. It did not say how much of an equity stake Softbank gains from the investment.