Korean AI EdTech Company Leader Glorang Secures Strategic Investment From TBS and Seeks Expansion Into Japan
SEOUL, South Korea, July 19, 2024 (Newswire.com) - Korean AI EdTech leader Glorang has announced securing a strategic investment from TBS Innovation Partners, which is CVC arm of Japan's foremost broadcaster Tokyo Broadcasting System (TBS). The details of the investment remain undisclosed; it marks an extension of the previous Series A funding round. TBS, a powerhouse since 1951, stands as Japan’s one of the largest media corporation, not only operating in domestic markets but also enhancing its global stance through strategic alliances in the educational AI sector.
Glorang, famed for its No. 1 ranking online children’s education platform "Gguge" in Korea, has been making significant strides in the educational sector. Gguge, operated by Glorang, offers real-time online classes for children aged 5 to 19 and is often referred to as the "Outschool in Asia." The platform has launched approximately 6,000 classes across various categories, including Korean, English, Math, Roblox, Minecraft, Cube, Reading, and Native English, in collaboration with 1,000 teachers. Gguge has rapidly dominated the Korean online education market, achieving the top position. In April, its revenue grew by 100% compared to the same month last year, with a record-high repurchase rate of 65%. The proportion of subscription revenue increased from 20% to 80% of the total annual revenue, and the Return on Advertising Spend (ROAS) consistently exceeded 1,500%, demonstrating sustainable product competitiveness and profitability. Recognizing its optimized competitiveness in live classes, Gguge plans to expand its offerings to middle and high school students and extend its reach to Japan and other APAC countries.
In addition to its existing offerings, Glorang is advancing in AI diagnostic education. This pioneering service uniquely quantifies and ranks hard-to-measure abstract skills such as cognitive, literacy, and numerical abilities in children, leveraging AI to appraise educational impact effectively. A TBS associate highlighted that the investment was propelled by Glorang's promising AI diagnostic capabilities and its mastery in diagnostic assessments, anticipating robust collaborative ventures in Japan.
A TBS associate highlighted that the investment was propelled by Glorang's promising AI diagnostic capabilities and its mastery in diagnostic assessments, anticipating robust collaborative ventures in Japan.
Hwang Tae-il, CEO of Glorang, shared his vision, stating, "We are entering the era of AI where enhancing skills like creativity, thinking, and numeracy becomes crucial, transcending mere learning of standardized content." He further added, "Our goal is to revolutionize how global student intelligence and talent are assessed and to craft an education system that maximizes necessary AI-driven competencies."
This strategic move hints at potential future expansions and collaborations, possibly involving the U.S., where AI and educational technologies are rapidly evolving sectors.
For further information, insights or investor relations, please contact tae.hwang@glorang.com.
Source: Glorang Inc.
