Photomath, the number one math learning app with over 220 million downloads, has announced a $23 million Series B funding round led by Menlo Ventures, with participation from GSV Ventures, Learn Capital, Cherubic Ventures, and Goodwater Capital. Photomath is a free and easy-to-use digital math tutor for students and parents who are struggling with math homework. Photomath uses computer vision and machine learning to recognise and solve basic arithmetic to advanced calculus by scanning a handwritten or printed math problem from a smartphone. In addition, Photomath offers step-by-step instructions to help students understand and master math concepts.
“Many parents are unable to assist their children with math, and the pandemic has highlighted the difficulties students and parents face with remote learning. There are clear disparities between families who can afford a tutor and those who cannot and are thus falling behind “Damir Sabol, CEO and Founder of Photomath, stated “Photomath is changing the way students learn by eliminating the pain points and costs associated with digital learning and tutoring. Photomath will continue to provide a much-needed bridge between virtual learning and access to interactive problem solving for all students with this latest round of funding.”
Despite competition from AI-powered apps like Amy, Happy Numbers, and Pearson’s Aida, Sabol sees Photomath capturing a slice of a tutoring market worth more than $132 billion by 2024. “Because of the pandemic’s push toward remote learning, students are struggling with math homework more than ever before and have limited access to learning support from teachers or tutors.” “Photomath fills a gap in the market for affordable learning support, and as a mobile-first technology, it is easily accessible from a smartphone,” Sabol explained. “We will use the new investment funds to increase headcount, further invest in AI and machine learning capabilities, and scale the product to support all students globally.”
Photomath is used as a supplement to teacher instruction and remote learning by millions of teachers as a tool to improve the learning experience. At Photomath, real teachers and Ph.D.s develop methodologies to solve complex math concepts and ensure accuracy in answers. Photomath Plus, the premium version, includes features such as animated tutorials and dynamic illustrations that outperform traditional teaching methods by bringing every step of the solution to life. Photomath will use the new investment money to grow the company headcount, invest in AI and machine learning capabilities, and scale product and marketing development.
About Photomath Photomath is the most popular math learning app in the world, with over 220 million downloads worldwide. Photomath’s mission is to transform learning by empowering every student to succeed in math by leveraging the power of artificial intelligence and a smartphone. Photomath scans and solves math concepts in real time, from arithmetic to calculus, and explains how to solve math problems with step-by-step instructions and animated tutorials. Cherubic Ventures, Goodwater Capital, GSV Ventures, Menlo Ventures, and Learn Capital have invested in the San Mateo-based company.