Singapore-based education technology (edtech) startup Explico has announced plans to expand in Southeast Asia, particularly in Vietnam and the Philippines, after raising $1.4 million in its pre-Series A funding round.
Explico, co-founded in 2020 by Ashutosh Shukla and Sandesh Setty, focuses on assessment using artificial intelligence and machine learning to help students identify their specific strengths and weaknesses to design a unique learning module.
The startup’s plan to enter the Philippine market comes at a time when the country’s education sector is forecast to hit revenue of approximately $4.7 billion by 2024, according to data from Statista.
The Department of Education (DepEd) in the Philippines has also received the highest allocation from the national budget, indicating the government’s commitment to implementing significant educational reforms.
These reforms included the K to 12 Program and the Universal Access to Quality Tertiary Education, aimed at providing equal opportunities for Filipino students to access quality education.
Globally, the value of the edtech market was $106.46 billion in 2021 and is projected to grow annually by 16.5%, up to $404 billion in 2025, according to Explico’s COO Shetty.
In a statement, Explico said its latest funding round was backed by a number of investors, including Astonic Ventures Singapore, Mavis Tutorial Center, and Singapore Asia Publishers.
Aside from expanding in Southeast Asia, the edtech startup also plans to use the investment to enhance its learning platform and foray into Africa.
“With English as one of the primary languages spoken in Southeast Asia and Africa, we look forward to scaling Explico in those regions, beginning with growth expansion plans to Vietnam and the Philippines in Q1 2023,” Shetty added.
As a member of Microsoft for Startup Founders Hub, Explico has access to education sectors worldwide through their networking channels.
The startup aims to use their recent investment to transform traditional learning by transitioning to a blended learning educational platform tailored to meet the individual needs of each student.