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Edtech Startup SiglQ.ai secures $9.5 Mn in Seed funding

EntrackrEntrackr · 3m ago
Edtech Startup SiglQ.ai secures $9.5 Mn in Seed funding
Medial

Edtech startup SiglQ.ai has raised $9.5 million in a seed funding round co-led by The House Fund and GSV Ventures, with participation from Duolingo, General Catalyst India (Venture Highway), Peak XV Partners, Calibrate Ventures, and a group of angel investors, including Perplexity co-founder Andy Konwinski, Christian Storm, Trevor Darrell, Jitendra Malik, Srini Devadas, Sharad Malik, among others. The funds will be used to accelerate hiring top talent, enhance its AI models, and scale its platforms to educational systems worldwide, SiglQ.ai said in a press release. Founded in 2023 by Karttikeya Mangalam and Kurt Keutzer, SiglQ.ai develops AI-powered learning tools that offer personalized education at scale. Its flagship products, PadhAI and EverTutor.ai, currently serve hundreds of thousands of students globally, with a mission to transform the future of education. After 18 months in stealth mode, the company has emerged with two live products—PadhAI and EverTutor.ai—targeting the U.S. and Indian higher education markets. Notably, the company claims that PadhAI Tutor ranked #1 nationally in the live UPSC 2024 Civil Service Exam, outperforming over 1.3 million human candidates and surpassing AI systems such as ChatGPT and Claude. SiglQ.ai also states that PadhAI has rapidly gained momentum, attracting over 200,000 UPSC aspirants in India. Meanwhile, EverTutor.ai, tailored for GRE preparation, has drawn more than 10,000 users within just three months of launch. Looking ahead, SiglQ.ai plans to further expand EverTutor’s reach, supporting GRE aspirants through the upcoming spring and fall exam cycles. The company is also set to showcase the latest advancements in EverTutor and PadhAI at ASU+GSV, reinforcing its position as a leader in AI-driven education.

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CRED’s competitor CheQ secures $4.5 Mn

EntrackrEntrackr · 1y ago
CRED’s competitor CheQ secures $4.5 Mn
Medial

B2B credit management platform CheQ has raised Rs 35 crore or $4.2 million in its extended seed round from new and existing investors. The funding for the Bengaluru-based firm came after a gap of 18 months. The board at CheQ has passed a special resolution to issue 12,952 Seed1 cumulative convertible preference shares at an issue price of Rs 26,989 each to raise Rs 35 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. 3one4 Capital invested Rs 12.49 crore while Venture Highway Fund and Multiply Ventures pumped in 6.24 crore and 2.08 crore, respectively. Individual investors including Lloyd Dizon Balajadia, Madhav Prakash Sehth, Vishal Gupta, and Deepk Tuli have collectively put in Rs 14.2 crore. As per filings, the company will use these funds for growth, expansion, marketing, and general corporate purposes as decided by the board. In June 2022, CheQ raised $10 million in Seed funding led by Venture Highway and 3one4 Capital. Following the fresh proceeds, 3one4 Capital holds 10.95% of the company while Venture Highway and Multiply Ventures command 11.45% and 2.49% respectively. It’s worth noting that these holdings exclude employee stock options and the firm’s cap table when we factor in the ESOP pool component. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 451 crore or $55 million (post-money) in the new funding round. Founded in 2022 by Aditya Soni, CheQ helps customers simplify the discovery and management of all credit products and allows you to pay your credit card bill, and EMI on a single platform. The startup has raised $15 million to date including its $10 million seed round led by Venture Highway and 3one4 Capital in June 2022. CheQ remained a pre-revenue stage firm with a revenue of only Rs 2 crore during the fiscal year ended March 2023. However, the losses for the three-year-old firm stood at Rs 19.4 crore in the same period. CheQ competes with fintech unicorn CRED which has secured around $1 billion to date and was valued at $6.4 billion in its last fundraise. According to the startup data intelligence platform TheKredibe, it posted Rs 1,400 crore in revenue with a loss of Rs 1,347 crore during FY23.

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