Mathpresso throws down the gauntlet in US edtech market

Mathpresso Inc., a South Korean startup operating the Google-backed learning app Qanda, has released its first study app catering to US university students in hopes of repeating the success of Qanda, popular in Asia, in the world’s largest educational technology (edtech) market.

The company on Thursday unveiled Prep.Pie, a generative AI-powered study app designed to help US students prepare for their tests. This is the Korean edtech startup’s first app tailored to the US market.

Prep.Pie is built with Mathpresso’s already popular learning app Qanda’s core engine and bolstered by generative AI technology to deliver “a highly personalized study aid” for each student, according to the company.

Qanda, launched in 2016, is the company’s flagship AI-powered learning platform that uses optical character recognition technology to allow its users to scan math problems to ask questions and receive step-by-step solutions to the questions.

Thanks to its customized learning content, its popularity grew rapidly around the world, especially in Asia. The COVID-19-driven virtual learning boom has further fostered the growth of its registered users, which now stands at 90 million worldwide.

Encouraged by the success of Qanda, Mathpresso pins high hopes on Prep.Pie to take on its bigger rivals in the US, which is the world’s largest edtech market by revenue.

According to global industry research firm Research and Markets, the global edtech market is forecast to grow at a compound annual growth rate of 13.6% to $348.41 billion in 2030 from 2023.

North America led the market in 2022, with the largest share of global revenue, as the region is actively incorporating online-based edtech programs.

"By blending cutting-edge AI with our extensive experience as an edtech leader in Asia, we're ready to bring a personalized educational experience in the US that is truly hyperlocal,” Jake Yongjae Lee, CEO of Mathpresso, said in a news release.

COLLEGE EXAM PREP APP

Prep.Pie provides “hyper-personalized” exam preparation solutions for college students, the company explains.

Students can upload their study materials to the app, and Prep.Pie will provide each student with a comprehensive but customized preparation package for different exams.

Prep.Pie’s tailored solutions are designed to address the specific needs of different schools, curriculums and instructors, according to Mathpresso.

Its key features include Prep Notes, which provide an overview of the study materials uploaded for the upcoming exam; Prep Sets, which offers practice exams, detailed solutions and relevant concept explanations; and Quick Solver, which uses Qanda’s text and image recognition technologies to provide solutions using the Qanda database.

Mathpresso plans to add new features, such as Prep Cards and Additional Explanations, to Prep.Pie in the first half of this year.

The app is currently offered to students of the University of Southern California (USC) and the University of California, Los Angeles (UCLA) on a monthly subscription basis.

The company plans to make the app available to other universities on the West Coast in the first half of this year and then across the nation in the latter half.

The app’s coverage is especially exceptional in science, mathematics and business subjects thanks to Qanda’s core engine proved to be excellent in numerical knowledge, the company said.  

Mathpresso has developed MathGPT, a math-specific large language model, jointly with another Korean AI startup Upstage and local telecom giant KT Corp. The LLM has beaten its global peers, including Microsoft Corp.’s ToRA, in various benchmark tests.

Founded in 2015, Mathpresso has raised $130 million to date from various partners, including Google, KT, ByteDance, Samsung Ventures, SBVA, Mirae Asset Venture, Goodwater and GGV Capital.

Write to Eun-Yi Ko at koko@hankyung.com

Sookyung Seo edited this article.