Exclusive: Ed-tech startup Carveniche secures funding from Calcutta Angels, others
Bangalore based ed-tech firm Carveniche Technologies Pvt Ltd has raised an undisclosed sum in angel funding from Calcutta Angels, Lead Angels and a bunch of undisclosed high net worth individuals (HNIs).
In an interaction with Techcircle.in, Avneet Makkar, CEO of Carveniche Technologies, said the funds would be used for product development, scaling up operations, marketing and also for strengthening its B2C (business to consumer) operations.
In 2012, it had secured an angel funding of around Rs 1 crore ($0.2 million) from Mumbai Angels.
"Our products are centred around a personalised learning technique that suits every student. We also want to use the power of data to ascertain why a student is not doing well and what could be the right way to help understand a concept," said Makkar.
The company, which initially started off as a B2B venture is currently turning its focus on the B2C space. Its products are used by over 25,000 students across India.
The company has two learning platforms as part of its product offering. The first, beGalileo, a math learning platform, provides each child with a different starting point and a unique learning plan based on the initial level of readiness displayed in understanding the concepts. It is available for grades 1-10 and across all school education boards. beGalileo is also available as an Android app.
Its other product offering, WisdomLeap, offers course content for Science, Social Studies and Math for grades 1-10 across various curriculums that include CBSE, Andhra Pradesh state board, Karnataka state board, etc. Each chapter is explained in detail through animated video lessons followed by practice worksheets and revision notes. Students can also take online tests and clear their doubts through various online forums. An offline version of WisdomLeap on a pen drive is also available for students residing in places where they do not have good internet connectivity.
Founded in 2010 by Avneet Makkar and Saraswathy A, Carveniche using various technologies including machine learning, artificial intelligence, big data and analytics to overcome all the difficulties a child faces in the learning process.
Makkar is a computer science and engineering graduate from NIT, Warangal and has worked for over 10 years with IT major Infosys. Saraswathy has since left the company.
Carveniche's beGalileo will also be available for students studying in the US and South Korea, starting this academic year which begins in October. Currently, the product is being tested at select after-school learning centres. Carveniche has also introduced English into the platform, which will eventually be rolled out to Indian students as well.
A bunch of ed-tech startups have secured funding over the last couple of months.
Earlier this month, Oust Labs Inc., a platform that helps students prepare for competitive exams using mobile gaming technology, has raised an undisclosed amount in seed funding from former Infosys director T V Mohandas Pai and Aarin Capital.
Last month, Jaipur-based EduCommerce Technologies Pvt Ltd, which runs mobile-based education startup Myly, raised $100,000 (about Rs 67 lakh) in seed funding from Newbie Promoter Pvt Ltd.
In the same period, GZG Eduservices Pvt Ltd, which operates career planning and education advisory startup Gyaanzone.com, has raised $45,000 (Rs 30 lakh) in seed funding from Mumbai-based digital marketing company GBIM Technologies Pvt Ltd.