Geniebook, a Singapore-based edutech startup that identifies students’ strengths and weaknesses using Artificial Intelligence, announced today it has expanded its operations into Vietnam.
The expansion marks Geniebook’s third office internationally, with its headquarters located in Singapore, and another office in Indonesia.
Additionally, the company claims it achieved US$10 million in Annual Recurring Revenue (ARR), along with maintaining profitability and positive cash flow, thanks to a strong financial year in 2020.
Launched in 2017, Geniebook uses AI and Machine Learning to personalise learning by recommending assessment concepts and questions based on each student’s strengths and challenges.
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With students made to stay home for months due to COVID-19 safety measures, home-based learning has become a big part of 2020. Geniebook claims it has experienced accelerated growth, with an increase of about 10x in overseas users over the course of the pandemic.
The company also shared that its earnings before interest, taxes, depreciation, and amortisation (EBITDA) hit US$2 million in 2020, while its global user base has grown 100x since its launch in 2017.
“The challenges and opportunities that COVID-19 has brought for us in 2020 have not only propelled us to find ways to strengthen our business model but have also proven that our method works in all circumstances,” said Neo Zhizhong, CEO and Co-founder of Geniebook.
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“As the predictability of the pandemic worsens, and home-based learning continues to be an important part of children’s lives, we see huge potential in digitalising and personalising learning in the world and in the region, with the growing Vietnamese market as our next step,” he added.
With close to 40 per cent of the Vietnamese population below the age of 24, Geniebook shared there is huge potential in Vietnam’s education sector to develop in the coming years.
According to the firm, Vietnamese parents are also investing more money and time into bettering their child’s learning, while students have been harbouring greater desires in recent years to expand their academic knowledge as well.
With a current staff strength of 200, the startup is looking to expand its team by hiring domestically and internationally to further “invest and scale” its online learning technologies.
In May 2019, Geniebook raised US$1.1 million in its pre-Series A funding led by led by Apricot Capital.
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Image Credit: Geniebook
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