[AI Revolution](22) "Stop Rote Learning" Riiid Challenges the Global Market

Development of Customized Learning Programs with AI
Enhancing Individual Efficiency to Achieve Goals
Cumulative Investment of 280 Billion Won... Utilizing ChatGPT

Riiid is a company that creates one-on-one personalized learning programs using artificial intelligence (AI) technology. CEO Jang Young-jun, who founded Riiid in May 2015, established the company based on his experience of graduating from the UC Berkeley Haas School of Business and starting a business in Silicon Valley. He stepped forward with the ambition to change the global education market landscape. CEO Jang saw a problem in the education system, which has not escaped from the traditional lecture-style method that unilaterally delivers knowledge, despite many areas of daily life rapidly advancing through the integration of information technology (IT). He said, "I want to break the old conventions and restore students' belief in themselves that they can achieve whatever they dream of through technology."

Riiid recommends the optimal learning method to achieve each user's individual goals. First, it analyzes the user's learning status and patterns. It analyzes with over 90% accuracy which questions are answered correctly and which choices lead to mistakes, and predicts the expected score in real-time each time a question is answered. This method provides the most effective learning process tailored to each individual. As the number of users increases, more data is accumulated and the AI learns from it, further refining score predictions and algorithms.

Riiid's flagship service is the TOEIC learning solution "Santa." First launched in 2017, Santa has expanded not only in Korea but also in Japan, Taiwan, Vietnam, Thailand, and other countries, recording over 5 million cumulative downloads. With the acceleration of non-face-to-face and digital transformation in the global education field due to the COVID-19 pandemic, Riiid's AI solutions have gained attention. They also introduced "R.Inside," which enables the development of AI tutors in desired fields through partnerships with educational companies and other enterprises. Currently, it is used in about 15 countries worldwide, including the Middle East, South America, and Asia, strengthening its presence in the global B2B (business-to-business) market. Riiid was named one of the "Top 100 Global AI Companies" by the global market research firm CB Insights. In May 2021, it secured a Series D investment worth approximately 200 billion KRW from SoftBank Vision Fund 2, bringing its total accumulated investment to over 280 billion KRW.

Last month, Riiid launched "Altest," a service for students worldwide preparing for the U.S. college entrance exams SAT and ACT. It consists of a full version with about 150 questions that provide an experience identical to the actual exam, and a mini version reduced to about 30 questions using AI technology. It serves as a kind of mock test. The service analyzes students' weaknesses, provides customized reports, and guides improvement directions by leading them to practice problems selected by AI. Plans are underway to add a solution that will offer personalized school admission recommendations soon.

Riiid aims for an educational paradigm that maximizes individual potential. It seeks to move away from the traditional ranking system that places students from first to last. To this end, it is preparing an AI solution called "Riiid Classroom" that can be applied in public education settings. Riiid Classroom is expected to help teachers use their limited time more efficiently. By analyzing students' learning status with a sophisticated AI model and identifying strengths, weaknesses, and learning patterns, it proposes personalized education methods. The focus is on helping students enhance their ability and creativity to independently discover and solve problems.

With the emergence of ChatGPT, Riiid's technological capabilities are expected to be further upgraded. They plan to develop a competent AI teacher by leveraging ChatGPT's natural conversational characteristics. CEO Jang stated, "We will introduce an AI teacher that interacts similarly to humans while providing analysis, efficiency, and content that surpass human capabilities."