Edtech Asia Issue #9
Singapore workers adopting AI skills at the fastest pace! 🇸🇬 South Korea’s Naver launches Generative AI services 🇰🇷 Global Education Market is $8T by 2030 🌎
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Thank you so much to our new subscribers! Because of you, I got inspired to continue this newsletter 💪🏻💌 Here are the latest updates on what’s happening in Edtech Asia 🍚 📖
Due to a special request from one of our subscribers, I’m adding a new category, “product launches” where I’ll curate interesting product launches & enhancements in Edtech 🚀
Please enjoy! 🍿
TL;DR
China Education: 2y after tutoring crackdown 🇨🇳
Singapore workers adopting AI skills at the fastest pace 🇸🇬 🤖
Investors spot new opportunities in Vietnam’s Edtech Space 🇻🇳
Shaktimaan.AI secures $2M 🇮🇳
LanguifyAI secures funding from Noorsken VC 🇮🇳
Physics Wallah to cross Rs 2,400 Cr in revenue in FY24 🇮🇳
Course Hero launches AI Academy 🤖
South Korea’s Naver launches Generative AI services 🇰🇷 🤖
How big is the global education market? 🌍
Germany plans to double AI funding 🇩🇪
What’s fueling M&A activity in Edtech? 🤝
The state of edtech ecosystem in LatAm
Bill Gates interviewed Sal Khan! 🎙️ Listen to this podcast
What’s the role of VR in education & learning?
The power of science-based reading 🔬📕
A Virtual Event: The Edtech Startup Festival Agenda is live on Sept 5-7 by Brighteye VC
🍚 Edtech News in Asia
Life after legal tutoring services for academic classes has resulted in China’s penny-pinching parents making an exception to secure their kids an intellectual edge.
Central leaders want to discourage extra academic work for students, to promote social equality, but academic products are commanding high prices.
Singapore workers adopting AI skills at the fastest pace. 🇸🇬 Singapore leads in the adoption of AI skills among workers globally, with the highest "diffusion rate" according to LinkedIn's Future of Work report.
The share of members adding AI skills to their profiles in Singapore grew 20 times from January 2016, surpassing the global average of eight times.
The report also noted that in 2022, the five fastest-growing AI-related skills added to member profiles hinted at the emergence of generative AI, but 53% of teachers' skills are still expected to be performed by humans, including classroom management and special education.
Investors spot new opportunities in Vietnam's edtech space. 🇻🇳
FUNDINGS & GROWTH 📊
Shaktimaan.ai Secures $2M supported by Ycombinator and other investors. The AI-powered platform offers personalized mentoring and discipline-driven learning, with plans to advance its tailored Language Model (LLM) for diverse educational applications. The company aims to serve 100,000 students by December 2023, targeting accessibility and quality education in India. Services include prompt clarifications and personalized input, with a focus on revolutionizing education through AI-driven accessibility, engagement, and customization. 🇮🇳, AI, personalized learning
LanguifyAI secures funding from Norrsken VC. The company's commitment to enhancing education through technology and personalized learning has attracted investments from notable entities. Seeking a second tranche totaling $700K, LanguifyAI plans to enhance its technology, expand its market reach, and continue transforming the EdTech landscape with its conversational AI for education. 🇮🇳 🇪🇺, Language, AI
PRODUCT LAUNCHES 🚀
Course Hero Launches "AI Academy". Course Hero, an online learning platform, has launched AI Academy, a four-week teacher training program designed to equip educators with the skills and knowledge to effectively use AI in the classroom. The program will help educators understand AI's impact on education, create assessments, and promote digital literacy. Participants will receive a Certification in Teaching with AI upon completion. The initiative aims to address the need for guidance and training for educators in the face of AI's growing influence in education.
South Korea's Naver launches generative AI services 🇰🇷 South Korean internet giant Naver has unveiled HyperCLOVA X, its generative artificial intelligence (AI) tool, joining the growing trend of AI development. HyperCLOVA X offers AI-driven searches and customized services for enterprise clients. It includes a chatbot application called CLOVA X and a generative AI function called Cue: Beta services for CLOVA X started in August, while Cue: will launch in September. Naver is also working on chip solutions in collaboration with Samsung Electronics and plans to open a new data center for HyperCLOVA X services in November.
GLOBAL NEWS 🌎
How Big is the Global Education Market? 🌎 Morgan Stanley Research predicts that technology will propel the global education industry to an $8 trillion market by 2030, up from $6 trillion in 2022.
The largest and fastest-growing segment is Kindergarten to class 12, set to reach $4.3 trillion in spending by 2030. K-12
Higher education offers growth opportunities, particularly in lower- and middle-income countries, expected to reach $2.4 trillion by 2030. HigherEd
However, online learning advancements could limit college tuition growth. Private capital is expected to drive education technology (edtech) growth, from $250 billion in 2022 to $620 billion in 2030, offering cost-effective global education solutions.
Germany plans to double AI funding in a race with China and, the U.S. 🇩🇪 Germany is planning to increase its public funding for AI research to nearly a billion euros over the next two years, aiming to catch up with leaders like China and the United States. This falls short of the substantial U.S. investment in AI, but Germany intends to:
create 150 new AI research labs,
expand data centers, and
provide access to complex public datasets. The country's strong focus on privacy and personal safety in AI could attract investment, despite the gap in private spending compared to the U.S. and China. 🇺🇸🇨🇳, Gov’t Funds
What's Fueling M&A Activity in Edtech. Edtech sub-segments like online courses, test prep, language learning, and skill development are experiencing M&A activity as the Covid-induced growth wave subsides. 🇮🇳 The Indian edtech sector saw VC investments surge from $500 million in 2010 to $16.1 billion in 2022. M&A provides startups with consolidation opportunities, wider customer bases, technology, and talent. Experts suggest pivoting business models, forming strategic partnerships, and optimizing costs as alternatives to M&A. The edtech industry's diverse sub-categories contribute to its attractiveness for M&A-driven growth and survival.
RESOURCES
Listen to a podcast where Bill Gates interviewed Sal Khan where they talked about the power of technology to help kids learn, and the Khan Academy’s AI-bot—Khanmigo!
The Power of Science-Based Reading: Expert Insights and Strategies for Success
EVENTS 🎪
The Edtech Startup Festival Agenda is live on Sept 5-7 organized by
- register now! 🙋🏻 Want to know what’s happening in the edtech space? Stay ahead of the curve by attending this virtual event organized by Brighteye VC for all edtech founders, enthusiasts, and education workers.
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Until our next issue,