Edtech startup Cialfo extends Series A funding to US$15m

SINGAPORE-BASED edtech startup Cialfo on Wednesday announced that it has extended its Series A funding round to US$15 million. This is up from the US$3 million it raised back in May 2019 for its US expansion. 

The extended round was co-led by SIG and Vulcan Capital, and included support from new investors January Capital and Bisk Ventures. SIG is a quantitative trading and investment firm, while Vulcan Capital is the investment arm of Vulcan Inc, which was founded by late Microsoft co-founder Paul Allen. 

Also participating were angel investors such as Patrick Walujo and Teik Ngan Loy, as well as returning investors DLF Venture, Alto Partners Multi-Family Office and Immobillari.

Cialfo said it will use the latest capital to drive data science and artificial intelligence-based (AI-based) product innovation, as well as expand its reach in India, China and South-east Asia.

On the student and K-12 side, the startup provides a range of web and mobile solutions, including AI-powered college search, application management tools, and the ability to apply directly to thousands of higher learning opportunities globally, the company noted.

Meanwhile, higher education institutions can leverage Cialfo's solutions to attract and recruit students through virtual college fairs, direct engagement opportunities and data analytics. The firm also has plans to work with universities to help them provide open online courses and other blended learning solutions going forward.

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In 2020, Cialfo started working with higher-education institutions and secured 650 new partners within nine months, it said. These include the likes of Cambridge, Oxford, Brown, the University of Pennsylvania, the University of Chicago, as well as local universities Singapore Management University and Yale-NUS.

The company also works with more than 1,200 K-12 schools across 90 countries and intends to use the additional funds to target a larger number of K-12 schools in priority markets, it said.

In its press statement on Wednesday, Cialfo added that it is accelerating discussions around acquiring similar firms that operate in the K-12 space, with the aim of attaining greater market share in the region.

Said co-founder and chief executive officer Rohan Pasari: "A standstill in global travel has upended education entirely, forcing high schools and universities to engage current and potential students virtually.

"The adoption of technology-driven education solutions is rising at an unprecedented rate and we have a key role to play in accelerating the student recruitment process from physical to virtual channels."