[Funding alert] Samsung-backed TagHive raises fund from South Korea-based Joon Hyon
Edtech startuphas announced that it has raised an undisclosed amount of funding as a part of its pre-Series A round of investment from Joon Hyon, Managing Partner at South Korean-based Complement Capital. This will take the valuation of the startup to $10 million.
Based in South Korea, TagHive was founded in 2017 by IIT Kanpur and Harvard Business School alumni Pankaj Agarwal. Backed by Samsung Ventures, TagHive offers clicker-based classroom response systems and AI-powered at-home learning app under the ‘Class Saathi’ brand in India and under the ‘ClassKey’ brand elsewhere.
In 2019, the startup had entered the Indian market by collaborating with the governments of Madhya Pradesh and Uttar Pradesh.
On the latest investment, Pankaj says,
"Our efforts of developing the product in South Korea has paid rich dividends to us as we now cater to over 400 schools there. Class Saathi, as a platform, has already been proven to be effective in India in collaboration with the governments of Uttar Pradesh and Madhya Pradesh. In India, we have already onboarded close to 50 schools in less than a year and are looking at expanding our operations across 10,000 schools by 2022."
According to a statement by the company, the freshly infused funds will be deployed to strengthen its presence in these two states and to expand its team in India.
Pankaj further added,
"We need to take cognizance of the fact that e-learning has tremendous business potential in India, as has been witnessed in this lockdown. Going forward, teachers and students would have to come to terms with e-learning to ensure that we continue maintaining social distancing. Schools across India are figuring out unique ways to leverage technology to enhance their learning methods. Class Saathi is intuitively designed to create an interactive and immersive learning experience for the students, making them confident about their subjects which might not be possible with classroom learning alone."
Joon Hyon in the statement said,
"The e-learning industry in India has a huge business potential. By using Artifical Intelligence, TagHive is uniquely placed in India to take the tech-based teaching solution across rural towns of India with minimal infrastructural investments."