Graide, a Birmingham, UK-based AI and machine learning platform for teachers, raised £1.6M in funding.
The round, which brought the total amount to £2.5M, saw participation from XTX Ventures alongside existing investors Mercia Ventures, the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), SFC Capital and private investors.
The company intends to use the funds to expand in the UK and target new markets in the US and Canada.
Founded by Robert Stanyon, Manjinder Kainth and George Bartlett, Graide uses assistive AI and machine learning to help teachers grade essays and provide feedback to students. Initially designed for marking maths, physics and chemistry papers, the company has since launched a new platform that can mark essays and reports in all subjects. It is also working to detect students using AI to write essays.
The platform is now used by universities including Birmingham, Durham, Huddersfield and Sussex, as well as learning platforms and exam boards, and has already carried out successful pilot projects in the US. The company, which is based in Wolverhampton, currently employs eight staff.
Commenting on the news, CEO Manjinder Kainth said:“Graide provides transparent, explainable AI, a requirement in today’s world, and can cover all subjects taught from school to university level, saving teacher time. We are pleased to welcome XTX Ventures, which has extensive experience in AI and machine learning, as a new investor in this round.”
FinSMEs
27/02/2024