Elice Inc., South Korea’s upcoming AI-powered educational platform company, has raised a ₩20 billion (approximately US$14.9 million) Series C round, led by Vertex Growth, a growth-stage venture capital fund anchored by Vertex Holdings, and include Altos Ventures.
The newly acquired funds will strengthen their organisational capabilities and fuel expansion into the Asia Pacific (APAC) region. The company launched operations in Singapore last year, following the establishment of its US office in 2022.
To enable a global service offering, enhancements on EliceLXP (learning experience platform) will be made to advance its AI capabilities and expand content libraries.
Besides accelerating expansion in APAC, the company plans to strengthen its AI research capabilities by building a large-scale AI Data center in Busan, leveraging its experience in building PMDC (Portable Modular Data Center).
The center aims to recruit technology talent with aspirations to hire a large-scale AI workforce in Busan.
With an established presence in South Korea, Elice focuses on delivering an integrated B2B and B2G educational platform and content for institutional clients, specialising in technical skills upgrades to enhance digital transformation within an organisation.
Elice leverages AI to offer specialised tech skill development and a customised learning experience across coding environments via personalised tutoring, live classes, testing/assessment, learning management systems and customer management systems.
Existing key clients include Samsung, Hyundai Motors, SK Group, LG Group and Seoul National University. Similar sentiments were echoed at the recent CES 2024, the world’s largest IT expo, and “BETT 2024”, a global Edutech expo where Elice attracted international buyers’ attention with its AI education solutions that enable effective online education at scale.
Kim Jae Won, CEO and co-founder of Elice said, “This funding round has cemented our ambitions to establish ourselves as the undisputed leader in B2B technology education platform in South Korea.
“Our AI-driven education platform has attracted positive responses at various global exhibitions paving the way for our global business expansion.
With the fresh funding, we plan to focus on expanding into global markets such as Singapore, the U.S., and Japan along with building a domestic AI infrastructure that can provide a stable AI-driven education environment.”
Tam Hock Chuan, general partner at Vertex Growth said “With increasing sophistication in IT workforce roles and the rapid evolution of IT technologies, there’s a growing underserved demand for more advanced, practical workforce education and preparing new graduates entering the workforce in the world of AI.”
Moon Oh, partner at Altos Ventures said “Elice is changing the dynamics of digital education in South Korea and is now leading the way in transforming public education.
“Their solution is uniquely positioned to leverage AI to transform this industry with the vast library of content, service platform for institutional clients, and infrastructure the company has built.”
Elice serves more than 1,800 globally and counts among its clients South Korea’s major conglomerates, top universities, and government ministries. Its AI-based practice-oriented education platform, EliceLXP, has accumulated more than 1.3 million users, recording an average annual growth rate of more than 111%.