With the advancement of technology, several sectors have developed by embracing disruptive technology such as artificial intelligence (AI). Although it is still arguable whether AI will replace the human race, it has eased day-to-day human life with its continuous advancement. AI has entered the ed-tech sector a long ago, helping humans in several ways (e.g., solving math problems).
Likewise, Qanda by Mathpresso, a Seoul-based ed-tech start-up, is disrupting the traditional tutoring sector using AI. Founded in 2015 by Ray Lee and Jake Lee, Mathpresso operates the mobile app called Qanda (AKA Q and A). Students can take photos of their math problems using the app, and the app’s AI technology looks for the answers. It’s AI technology recognises texts and mathematical formulas in the form of photos and optical characters.
As per Mathpresso’s website, Qanda has so far solved nearly 2.5 billion math problems from 9.8 million users across over 50 countries. It has witnessed an increase in the number of users since the pandemic hit the globe. The Qanda app is not only available in the Korean language but also in English, Japanese, Indonesian, Spanish, Vietnamese and Thai. For now, it only solves math-related problems, but the Softbank-infused start-up plans to add other subjects like English and Science.
Qanda is being used by two-thirds population of Korean students. The private tutoring market in Korea is worthing $8.1 billion. The global private tutoring market is expected to grow from $98.15 billion in 2021 to $171.93 billion in 2028, at a CAGR of 8.3%.
On July 1, Mathpresso raised funds of $105 million. With the latest fundings, the company plans to develop algorithms to create personalised learning content aiming to provide similar questions students are stuck on.
Mathpresso partnered with a dozen study centres in the Vietnamese capital Hanoi, rebranded them to Qanda, and offered online courses and offline classes. The company also aims to join the growing list of Korean companies becoming global by opening one or two Qanda study centres in Korea.