Homi Lab Raises INR 5 Cr To Boost Futuristic Learning The organization aims to continue ongoing research on futuristic skills, development cycle involving stakeholders and enabling the creation of quality content for young learners
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Delhi-based Homi Lab, a co-curricular futuristic learning platform, has raised INR 5 crore from Inflection Point Ventures (IPV) in a pre-Series A round.
The funds raised will be utilized for the development of the cutting-edge technology platform and high-quality unique content creation, said a statement.
"Homi Lab is on a continued journey to build a brighter future for humankind by transforming the learning space with our model of training. IPV not only provides us the necessary fuel in our journey in terms of capital, but also in terms of ideas, partnerships and people," said Srijan Pal Singh, founder, Homi Lab.
According to a report by RBSA Advisor, growth in the Indian Edtech sector will be backed by growing demand as well as strengthening business models in the future, aided by facilitative governmental policy. The New Education Policy, 2020, has also provided policy impetus to the Edtech sector by recognizing the role of technology in education.
Moreover, income inelasticity of education in India is estimated at 0.93 vis-à-vis other expenditure, implying that at any income level, Indians are more inclined to spend on their education.
"Exposing young minds to futuristic learning programs through technology to enrich their understanding of non-academic but deeply insightful subjects like space, time travel etc., enabling them to charter an unexplored territory is a commendable initiative by Homi Lab. This futuristic platform will help India to nurture young learners right from a nascent age and mold them to be explorers in the field of science and beyond," said Ankur Mittal, co-founder, IPV.
Founded by Singh, who has served as an advisor to former Indian president Dr. A.P.J. Abdul Kalam, Homi Lab focusses on leveraging technology to democratize knowledge without boundaries of place, time zones and age.
Homi Lab claims that its students have successfully discovered 71 preliminary asteroids in space using real-time data. Almost 1,000 students were trained to take pictures of planet Earth by programming a camera on the International Space Station through Sally Ride EarthKAM Space Camp, says the platform.