Edtech Startup Ingenium Raises Seed Investment The startup is going to utilize the funds in scaling its operations, strengthen its adaptive assessment technology, improve its product and expand the team
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Edtech startup Ingenium has recently raised an undisclosed amount of funding in the Seed round from India Accelerator's iAngel Network, Lead Angels, Indian Angel Network, and other investors.
There are around six million small and medium institutes in India. The current COVID situation and rise of competitive edtech companies have compelled these institutes to adopt digitization. Ingenium is providing a full-stack digitization platform to these institutes where they can take their institute completely online and scale themselves. Adaptive assessment, in-depth academic analysis, real-time teacher-student-parent interaction is something that is making these institutes adopt the platform.
"We are thrilled with the opportunity that this investment round has given to us. It will help us to scale, hire more people, make our product seamless for our customers, and introduce new features and revenue streams," said Pramudit Somvanshi, chief executive officer, Ingenium.
To achieve the projected scale, Ingenium will focus on forming channel partnerships with already existing resellers in the market, hyperlocal companies in tier-II and tier-III cities. It will provide the tremendous boost that the company requires for achieving the projected scale of business.
"We are impressed with the idea of Ingenium and excited to back a tech-enabled edtech startup that is committed to bringing a change in the existing education system. The perseverance of the founders and the relentless efforts of their team in reaching out to the institutes and academic channel partners display their deep understanding and dedication to be a forerunner in the market. We are confident that Ingenium is will be consistent in offering a distinguished product to educators of Bharat with a sustainable business model," added Anshu Gupta, ex-AVP Investments, HT Media, and a prominent angel investor, who participated in the round through IA's iAngel Network.
Additionally, the startup will be working on adding new revenue streams by focusing on new opportunities such as B2B marketplace, content subscription, and adaptive assessments. As a result, Ingenium can focus on creating a distinguished market identity.
