Artificial intelligence (AI)-powered edtech startup ConveGenius has secured $7 Mn (INR 58 Cr) in a funding round co-led by UBS Optimus Foundation and Mount Judi Ventures.
Existing investors including Michael & Susan Dell Foundation, Bace Capital, Heritas Capital and Gray Matters Capital also participated in the round.
The startup plans to use the fresh funding for scaling up GenAI capabilities of its conversational AI bot store SwiftChat.
Founded by Jairaj Bhattacharya in 2014, CoveGenius is an AI-powered edtech platform which addresses itself as a social enterprise. It aims to empower education with technology and continued innovation.
The Delhi NCR-based startup claims that its product Swift School’s personalised learning module is being used by more than 25,000 schools across 16 states in India. Overall, it caters to over 4 Mn students in the country.
“This funding round marks a crucial step in ConveGenius’ journey. Our team remains steadfast in the pursuit of empowering every learner, starting with India and fostering data-driven governance for transformative change in education,” said Bhattacharya.
Prior to this, in 2021, ConveGenius secured $5 Mn funding to expand its product portfolio on WhatsApp ecosystem and other conversational AI-based channels.
According to Inc42’s report, The Future of Edtech In India: Decoding The $29 Bn Market Opportunity, the market size of the K12 sector, where ConveGenius operates, is estimated to grow to $15 Bn by 2030 at 26% CAGR.
The funding for ConveGenius comes at a time when the Indian edtech companies are facing a tough time. As per Inc42 study, the Indian edtech startups have seen mere 95+ deals in the post-covid period, a major fall from 267+ deals during the pandemic period.
The post ConveGenius Nets $7 Mn To Boost Its Conversational AI Bot Store Capabilities appeared first on Inc42 Media.
