Vietnamese edtech startup raises 2.4 million USD from foreign funds
Vietnam-based edTech platform Azota has raised 2.4 million USD in a Pre-Series A round led by GGV Capital, a global venture capital firm that invests in local founders.
Hanoi (VNA) – Vietnam-based edTechplatform Azota has raised 2.4 million USD in a Pre-Series A round led by GGVCapital, a global venture capital firm that invests in local founders.
According to Tech in Asia, new investorNextrans and existing backer Do Ventures also participated in the round.
Founded in 2021 by Dai Nguyen, Hung Le, andAu Nguyen, Azota is an online platform that lets teachers create and gradetests automatically. It also offers real-time exam proctoring and studentperformance tracking tools.
The startup said it has a user base of over700,000 teachers and about 10 million students nationwide. Since its inception,the platform has seen approximately 300 million exercises submitted through itssystem.
Azota founder (Source: vietnambiz)
“We believe that by being able to reducelabour-intensive tasks, teachers could better spend their valuable time onimpactful actions such as working more closely with individual students, orcreating more engaging lessons for their students,” said Au, who also serves asAzota’s CEO.
The company will use the new funds toimprove its system performance and develop new features for its products. Azotasaid it aims to become a holistic teaching platform for hybrid learning in thepost-pandemic era.
Tech in Asia commented that Vietnam is oneof the fastest-growing edtech markets in the world, with total revenue en routeto reach 3 billion USD by next year. The country sees a compound annual growthrate of 20.2% from 2019 to 2023, it added./.
While many businesses have been forced to shut down due to COVID-19, Edtech firms have been emerging and attracting investors’ attention as many people tend to switch to online learning.
Educational technology (edtech) startups in Vietnam have drawn many domestic and foreign venture capital funds thanks to their high development potential.
Vietnam’s e-learning market is expected to reach revenue of around 3 billion USD by 2023 with a compound annual growth rate of about 20.2 percent from 2019-2023, according to a report by Ken Research.
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Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
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Ambassador Nguyen Minh Vu laid stress on the significance of the Hanoi Convention, particularly to the Asia – Pacific, to handling legal gaps in international cooperation against rapidly increasing global cybercrime.
The week features a rich lineup of activities, including a plenary conference on blockchain and AI development, thematic seminars on future technology trends and investment visions, applications of blockchain and AI in business, the Super Vietnam PitchFest, as well as forums for blockchain and AI.
Illustrative image (Source: Azota) 
Azota founder (Source: vietnambiz) 
