A screen grab of Toeflbank, an app operated by Databank. (Courtesy of Databank)
South Korean educational technology startup Databank said Sunday it has completed a $2.7 million series A funding round and plans to use the proceeds to expand its artificial intelligence-powered services and widen its client base.
Joining the latest round were domestic early-stage venture capital houses Company K Partners, Intervest and KB Investment. The fundraising brought the startup’s post-series value to $11.5 million, up sevenfold from the previous round of funding, according to the company.
Databank said its edtech solution offers English mock test takers automated scoring and immediate feedback on their spoken and written answers. The automation of the process shortens the time it takes to score the open-ended tests, from three days in general if scored by human graders.
The fresh capital will allow the service, currently available to the Test of English as a Foreign Language, will be applied to other open-ended standardized tests including the International English Language Testing System and Graduate Record Examinations.
“Currently, students are receiving a one-size-fits-all education when, in reality, each student’s learning curve is different,” Databank Chief Executive Officer Song Da-hoon said in a statement. “By providing an adaptive education program, AI serves as an excellent tool for both educators and students alike.”
Databank said that since it was founded in 2019, its service has tapped into the English-as-a-Second-Language market in 186 countries including India, Indonesia, Pakistan and Korea, and has so far attracted over 300,000 active users.
By Son Ji-hyoung (firstname.lastname@example.org