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Elice Inc. raises KRW 20B Series C round from global investors to accelerate APAC expansion

Elice

21/02/2024

- Receives KRW 20B investment from global VC in recognition of growth potential and AI technology capabilities

- New funds will be used for APAC expansion and developing advanced AI capabilities in its global product

- This will be the company’s first step towards becoming a global leader



Elice Inc. (CEO Kim Jae-won), South Korea’s upcoming AI-powered educational platform company, has raised a KRW 20B (approximately USD 14.9M) Series C round. The new funding is led by Vertex Growth, a growth-stage venture capital fund anchored by Vertex Holdings, a subsidiary of the global investment company Temasek. Participating investors include Altos Ventures.


The newly acquired funds will strengthen their organizational capabilities and fuel expansion into the Asia Pacific (APAC) region. The company launched operations in Singapore last year, following the establishment of its US office in 2022. To enable a global service offering, enhancements on EliceLXP (learning experience platform) will be made to advance its AI capabilities and expand content libraries.


Besides accelerating expansion in APAC, the company plans to strengthen its AI research capabilities by building a large-scale AI Data center in Busan, leveraging its experience in building PMDC (Portable Modular Data Center). The center aims to recruit technology talent with aspirations to hire a large-scale AI workforce in Busan.


With an established presence in South Korea, Elice focuses on delivering an integrated B2B and B2G educational platform and content for institutional clients, specializing in technical skills upgrades to enhance digital transformation within an organization. Elice leverages AI to offer specialized tech skill development and a customized learning experience across coding environments via personalized tutoring, live classes, testing/assessment, learning management systems and customer management systems. Existing key clients include Samsung, Hyundai Motors, SK Group, LG Group and Seoul National University. Similar sentiments were echoed at the recent CES 2024, the world’s largest IT expo, and “BETT 2024”, a global Edutech expo where Elice attracted international buyers’ attention with its AI education solutions that enable effective online education at scale.


Kim Jae Won, CEO and Co-founder of Elice Inc. said, “Elice is committed to driving a positive impact for both learners and organisations in the ever-dynamic technology world. This funding round has cemented our ambitions to establish ourselves as the undisputed leader in B2B technology education platform in South Korea. Our AI-driven education platform has attracted positive responses at various global exhibitions paving the way for our global business expansion. With the fresh funding, we plan to focus on expanding into global markets such as Singapore, the U.S., and Japan along with building a domestic AI infrastructure that can provide a stable AI-driven education environment.”


Tam Hock Chuan, General Partner at Vertex Growth said “With increasing sophistication in IT workforce roles and the rapid evolution of IT technologies, there’s a growing underserved demand for more advanced, practical workforce education and preparing new graduates entering the workforce in the world of AI. Elice’s platform, evidenced by its impressive growth and endorsements from prominent teaching institutions and corporate clients, stands out as the only market solution adequately addressing these market needs and is poised to appeal to the overseas workforce upskilling/reskilling market. Vertex Growth is committed to assisting Elice in establishing connections with universities and learning institutions in the region. Furthermore, the company’s ambitions extend to establishing an AI computing data center to complement its training offerings. With a highly talented management team, coupled with the support of trusted investors like Altos Ventures, who have a history of backing various market pioneers, Elice is well-positioned to spearhead innovation in the education market.


Moon Oh, Partner at Altos Ventures said “Elice is changing the dynamics of digital education in South Korea and is now leading the way in transforming public education. Their solution is uniquely positioned to leverage AI to transform this industry with the vast library of content, service platform for institutional clients, and infrastructure the company has built.”


Elice serves more than 1,800 globally and counts among its clients South Korea’s major conglomerates, top universities, and government ministries. Its AI-based practice-oriented education platform, EliceLXP, has accumulated more than 1.3 million users, recording an average annual growth rate of more than 111%. The company’s goal is to evolve into a full-scale AI education company, offering everything from computing infrastructure and software platforms to educational content, utilizing its extensive educational data and sophisticated AI capabilities.

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