[THE INVESTOR] The CEO of Woongjin Group’s education and publishing unit Woongjin Thinkbig, said on Feb. 9 that the company plans to jointly expand its presence in global education tech market with a Silicon Valley-based startup Kidaptive.
“We have compiled enough detailed data regarding Korean students, and this can also be applied to foreign students,” Yoon Sae-bom told The Investor during a Woongjin education tech business conference held in Seoul.
Woongjin Thinkbig CEO Yoon Sae-bom
Woongjin Thinkbig on Jan. 30 announced that it has acquired a 10 percent stake in US-based education startup for US$5 million and signed a partnership deal, which includes the two companies jointly entering global market.
“Our main target is definitely China, but we are also considering India,” Kidaptive co-founder P.J. Gunsagar told The Investor. He added that one of the reason that they chose Chinese and Indian market is because parents in those countries tend to engage more in children’s education, which is similar to Korean parent.
During the conference, Woongjin Thinkbig CEO also explained about how the two companies started to work together.
“At first, we considered forming a partnership with other global big data companies such as Amazon Web Service and IBM Watson,” Yoon said. “But we decided to work with Kidaptive because it can provide us customized services.”
Through this partnership, the two firms launched a new education program on Feb. 1 that analyzes behavior of individual students and advises them on education solutions. Woongjin provided data on 240,000 students it has collected through its own smart learning service Woongjin Bookclub, while Kidaptive offered its big data analysis technology. The two companies plan to launch another program during the second half of 2018.
Kidaptive was co-founded by P.J. Gunsagar, co-founder of computer animation company Prana Studios, and Dylan Arena, a learning scientist at Stanford University. The startup has attracted funds from multiple investors, including US-based venture capital firm Formation 8, Stanford University and Cambridge University,
By Song Seung-hyun (email@example.com)