[Funding alert] GreyAtom raises pre-Series A round of $1.2M from Montane Ventures, others
Edtech startup GreyAtom announced Friday that it has raised a pre-Series A round of $ 1.2 million from Montane Ventures. Existing investor Pravega Ventures, and Ritesh Arora, Cofounder and CEO of web and mobile testing platform BrowserStack, also participated in the round.
The startup plans to use the freshly raised funds for diversifying its product line-up and include courses for front end engineering, backend engineering, automation QA as well as expansion across India.
Mitul Thakkar, Co-founder and CEO of GreyAtom, said,
“Educational institutes haven’t been able to modify their curriculum so as to impart relevant skill sets to students. GreyAtom bridges the gap between learners and the industry by bringing them together on the learning platform Glabs that provides hands on coding experience, mentorship and access to a huge peer community."
GreyAtom is a bootcamp-style immersive learning programme for data science, machine learning, and artificial intelligence. Aspirants learn technologies by working on real problem statements, and datasets from GreyAtom’s industry partners. The learning platform, GLabs orchestrates the end to end learner experience - this is where people code up, follow a structured learning path, and get an instant assessment of their performance.
The startup was founded by Shweta Doshi, Mitul Thakkar, and Mayuresh Shilotri in February 2017. Earlier, in January 2018, GreyAtom had raised $1 million in a funding round led by early-stage fund Pravega Ventures.
"The newer programmes will be launched with an 'Income Share Agreement' where there is no upfront payment to be made by the learners; only when they get a job, they share a fixed percentage of their income with GreyAtom. This enables us to create a great amount of trust between us and the learners,” Mitual added.
With the new model, GreyAtom is on a quest to transform the career trajectories for learners in the tech space. It has seen an overwhelming response to their frontend engineering programme in the income share model. Since its launch in September 2019, more than 4,700 learners have applied for the programme. The current acceptance rate is at 4.8 percent.
So far, GreyAtom has enabled more than 35,000 learners to reskill/upskill their tech knowledge. In the last two years, 87 percent of learners who were looking for a career pivot have been able to do so.
Josh Bornstein, Partner at Montane Ventures, said in a statement:
"The founder’s interest in education and their learning product Glabs impressed us the most. GreyAtom's tech-first approach to skill learners beyond theory by focusing on application and practice enables the company to scale a business that's typically dependent on instructors or online videos."
(Edited by Evelyn Ratnakumar)