ConveGenius Acquires Gray Matters To Boosts AI-Based Assessment Products The step has been taken to further strengthen ConveGenius' - EdTech for Naya Bharat campaign that aims to empower 100 million students at the bottom of the education funnel
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ConveGenius, an artificial intelligence (AI)-based ed-tech startup on Monday announced that it has acquired Gray Matters India (GMI), to augment its personalized and adaptive learning platform.
The step has been taken to further strengthen their "EdTech for Naya Bharat' campaign that aims to empower 100 million students at the bottom of the education funnel.
The acquisition will help ConveGenius integrate GMI's measurement science with its automated learning capabilities and help under-served students diagnose their remediation requirement for missing skills and knowledge through a tailored set of instructions.
As part of the Insights team, GMI will help ConveGenius enhance students' learning levels with reliable and transparent communication infrastructure across various platforms such as Web, Android and WhatsApp.
Gray Matters India's annual revenue rate (ARR) is about 1M $.
Commenting on the announcement, Prachi Jain Windlass Director, Michael & Susan Dell Foundation India, said, "We are very excited about the coming together of two high-performing organizations with a sharp focus on improving education outcomes for millions of children in India. ConveGenius has grown significantly in reach and impact and is playing a pivotal role in bringing the power of Ed-tech to government and budget private schools. GMI has not only set the standard for large-scale student assessments in India, but it has also paved the way for instruments like Development Impact Bonds in education. We are excited about the improvement in student outcomes this merger will undoubtedly bring."
"Bringing education to the bottom 100 million children in India at an affordable price point, done in a viable manner, is a tough social entrepreneurship problem to crack. I am glad ConveGenius has figured it out and is well on its way to serve this segment via integration of Personalised and Adaptive learning, and by using their proprietary skill finger-printing. In that sense, Covid has brought strong wind in the sails for leading EdTech players such as ConveGenius, and I am excited by the significant social impact they will create", says Rajat Dhawan, senior partner at McKinsey & Company, who has been an angel investor in ConveGenius in his personal capacity.
"When we started Gray Matters India, we envisioned assessment as a tool that would help students realise their full learning potential. We experimented boldly and innovated in designing assessments and measurement models for the Indian context. This partnership with ConveGenius, would further this vision by making assessments personalised in a scalable manner," added Pradeep Sharma, founder - Gray Matters India
On the latest development, Jairaj Bhattacharya, cofounder of ConveGenius, said, "We are excited to integrate GMI's instrumental work within ConveGenius, their products will be tightly integrated to improving our tech-stack for Naya Bharat, The Affordable private schools, budget schools and government schools will need to adapt with rapid shifts in the space and we are working towards creating an intelligent and seamless product stack to organise this segment."
ConveGenius which was founded in 2013 and commenced its operations in 2014 has till date raised INR 20 crores from its existing investors - The Michael and Susan Dell Foundation (MSDF), Benori Ventures and Rajat Dhawan