Mumbai based education company, InOpen Technologies, has raised Series A round of equity capital for a minority stake from Benesse Holdings, a Japanese education company. InOpen had raised its seed round from Ventureast in August 2011.
Financial terms have been left undisclosed by the companies. The key objective of InOpen and Benesse’s collaboration is to jointly develop products for the global education market, starting with USA and Japan.
InOpen Technologies was co-founded by Rupesh Kumar Shah and Dr. Sridhar Iyer in 2009, and was incubated in IIT Bombay.
It provides content in 8 Indian languages and 2 international languages to more than 500,000 students in over 200 private schools across India and has also worked for a few large scale government projects in Assam and other states. InOpen serves the K-12 market with their flagship product, Computer Masti and newly introduced Science curriculum, Small Science.
It’s flagship product, ‘Computer Masti’ is a computer science learning solution to teach computer science in schools. It constitutes of graded Text Book (or eBook) with support of teacher training, handholding and assessments. The program is available for CBSE, ICSE, IGCSE and SSC Boards.
Speaking on this transaction, Rupesh Kumar Shah, Co-Founder & CEO, InOpen, said, “InOpen is directly having an impact on half a million students, by imparting life skills through technology education. Benesse’s strategic partnership with InOpen has ascertain our belief of changing the way computer science is taught to students globally and helping us build a generation of structured thinkers, who will be better citizens of tomorrow. The capital will allow us to build a strong team, increase our customer support bandwidth and further expand on our leadership position in this sector.”
Benesse has made this investment from the Benesse Social Investment Facility (“BSIF”), a facility established recently to invest in companies focused on solving social issues in education, child care and other related fields in emerging Asian countries and Japan. BSIF was established in April 2013 by Benesse with a capital of USD 15 Mn . InOpen is the first investee of BSIF.
By investing in InOpen and strengthening its collaborative relationship, Benesse aims to promote the further expansion of computer science education in India, said Takaho Miki, Global Social Business Office, Benesse Holdings, Inc.
InOpen is in discussions with investors for further investment to cater to the growing demand of domestic and international markets and would soon initiate conversation with like minded financial investors.
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