Korean learning platform Elice raises $14.9mn from Vertex

Elice Inc., a South Korean startup offering an all-in-one digital learning platform for teachers and corporations, will transform into an artificial intelligence company with 20 billion won ($14.9 million) invested by Vertex Holdings, a Singapore-based venture capital.

“We will take another leap to become an AI solution company with our extensive education data set and AI technology,” Elice Chief Executive Officer Kim Jae-won said during the company’s first press conference in Seoul on Wednesday.

Founded in 2015, Elice offers an all-in-all digital learning platform, called Elice LXP powered by AI technology. The platform allows its users to create a virtual teaching and learning space and customize education programs tailored to different needs.

With the proceeds from Vertex, the company will build an extensive infrastructure for AI education and research, said Kim.

This year, it will introduce a library system, dubbed Elice Library, where not only Elice but also Elice LXP clients can access and register a wide range of educational content.

“Elice LXP users can build a personalized lesson curriculum with content from the library and customize an assessment system,” explained Kim.

The company also plans to upgrade AI features at Elice LXP to enable the platform users to create unique teaching materials tailored to different students.

The new AI functions will translate foreign-language video and text materials, offer subtitle and dubbing services, correct typos and tweak voice tone.

To advance its AI research & development capability, Elice will build an AI-dedicated data center in Busan and offer Elice Cloud with different storage sizes.

“Elice will expand its business realm to cover (a wide range of) AI solutions and plans to make inroads into overseas markets,” said Kim.

Elice opened its US entity in 2022 and operations in Singapore last year.

It currently provides 1,600 clients, including corporations, universities, government agencies and state-run organizations, with its customized digital transition (DX) education services.

Write to Kang-Ho Jang at callme@hankyung.com

Sookyung Seo edited this article.