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Woongjin ThinkBig invests $5 mn in U.S. edutech firm

Collected: 2018.02.01

Distributed: 2018.02.02

Source: Go Direct

South Korea’s leading educational content provider Woongjin ThinkBig Co. acquired a 10 percent stake in a U.S. edutech firm for $5 million as it seeks to ramp up its capabilities in big data and artificial intelligence.

The Korean company said on Tuesday it has forged a strategic partnership with Kidaptive, a Silicon-Valley based startup funded by Stanford University that develops educational technology using big data and machine learning.

Woongjin plans to launch Book Club AI Coaching, a new service jointly developed with Kidaptive, in Korea early next month. Book Club AI Coaching is an AI-empowered program that analyzes the error patterns of Woongjin Book Club members to provide customized solutions based on their learning capacity and study behavior.

Woongjin’s mainstay Book Club is a membership-based book reading platform that offers subscribers a wide selection of e-books including home-study materials. The company said it collects more than 11 million data records from 240,000 members daily to create more personalized learning experiences and effective educational techniques.

Shares of Woongjin ThinkBig closed Wednesday up 0.68 percent at 7,420 won ($6.95).

By Shin Soo-hyun and Kim Hyo-jin

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