Bengaluru based edtech startup IMAX Program has raised $13.5 million (~ Rs 87 crore) from the Michael & Susan Dell Foundation, LGT Impact Ventures and existing investor Aspada.
The funds raised will be used by the startup used to further innovate the product, enhance in-school service experience and expand the customer base through multiple distribution channels. IMAX will also explore working with K12 publishers internationally, to deliver high quality in-school remedial programs to a global student base.
Founded in 2009 by Naveen Mandava and Varun Kumar, IMAX Program is a data drive personalization education product that builds learning genome using school assessments. It currently serves over 800 schools and 300,000 students across India, has raised USD 13.5 million, focused on providing curriculum services to K-12 schools in India.
In 2015, IMAX had raised USD 1.8M from Aspada, which has invested in this round too. That funding helped IMAX to implement affordable technology to the classrooms to enhance school’s ability to measure and impact learning outcomes effectively.
The IMAX Program includes textbooks, workbooks, school exams, feedback reports and individualised remedial worksheets along with teacher manuals and teacher training modules. To ensure smooth integration with schools, the technology platform works at the backend to deliver exams, reports and remedial worksheets in print. The exam-remediation loop ensures that the key learning gaps are identified and bridged, thereby maximising learning.
“With this round, we will now further deliver a better experience for our customers and partners, and accelerate the expansion of our commercial operations in India. We will also be selectively looking at prospective markets abroad. We aim to impact 2 million students by 2020,” said Varun Kumar, Co-founder, IMAX Program.
The above development was first reported in Business Standard.
The Education sector is seeing a lot of activities of late. To recall, a couple of week back, former CEO and co-founder of Infosys Shibulal has launched EduMentum — an incubator for early-stage startups working in the space of offline education transformation.
Talking about Michael & Susan Dell Foundation, in August 2017 it was reported that the foundation is looking to launch incubator for startups in India. And for the same, the foundation is in talks with IIM-Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE). In the same month, Michael & Susan Dell Foundation, along with other investors, had also invested in Gurgaon-based education startup Naandi Education Support & Training (NEST), a technology driven, social impact focused company. The startup had secured funding of Rs 4 crore, n that round.
Few weeks back, a Chennai-based education reform startup Chrysalis had raised a pre-series A funding round from Indian education sector focused investor Gray Matters Capital.
Last month, an another Ed-tech start up GreyAtom has raised a $1M funding round led by early-stage fund Pravega Ventures. In the same month, Bengaluru-based enterprise platform for educational institutions CollPoll has raised its pre-series A funding round led by Manipal Global Education Services (MaGE).
The Educational startups space in India is seeing lot of traction off late, as in recent months number of funding and M&A took place.
In November 2017, AEON Learning Private Limited, which is backed by Kris Gopalkrishnan, acquired Acadgild, an online edtech startup, for $10 million in an all stock deal.
In the same month, an another edtech startup Perspectico raised seed funding from Delhi University and Government of Delhi Incubator.
Additionally, AICTE tied-up with Fourth Ambit, a Kerala-based edtech startup, to connect over 10,000 tech insitutes across India through online portals.