A Thailand-based coding education platform recently announced that it has closed a six-digit seed funding round with Singapore-based VC firm and other angel investors.
The firm plans to use the new funds for its real-time coding talent platform that uses a full-stack automated teaching curriculum backed by blockchain.
The firm started from the Edtech Hackathon 2018 in Bangkok and was selected as a finalist for Project Alpha by Singapore-based an early stage Singaporean fund. It focuses on soft skills and coding skills and monetizes the service through a workforce reskilling program.
According to the company, up to 20 million manufacturing jobs around the world could be replaced via automation by 2030. It then sees a business opportunity in reskilling people to help them find better job opportunities.
The company also said it’s expanding to online conferencing business with its Reach LeanSpace product to provide an education solution for small and medium-sized enterprises in Thailand.
According to a globally focused markets data and news service, the global e-learning market is expected to reach US$238 billion by 2024 at a compound annual growth rate of 8.5%.
The Asia-Pacific region, especially India and Southeast Asia, represents a huge growth potential for education industry revenue.
Last year, a Jakarta-based firm raised US$150 million in a Series C round, which is said to be one of the largest rounds for an edutech company in Southeast Asia. In India, one firm is valued at about US$8.2 billion after a US$200 million funding round.
The CEO and co-founder of the Thai edutech firm stated that the company is looking to raise more funds from local agency DEPA and another investor by Q4 2020 in a multiparty investment deal.
The startup earlier received US$80,000 in grants from DEPA and TED funds for its blockchain-backed workforce management app.
EduTech – a factor in boosting digital transformation
In September 2019, one article noted that the Digital Economy and Society (DE) Ministry is working to boost the income of people at the grass-roots level through mobile apps and e-commerce platforms over the next three months.
Some targeted areas will be selected for a pilot project designed to use digital technology to boost revenue and quality of life among locals, according to the DE minister.
The President of the Digital Economy Promotion Agency (Depa) stated that apps and e-commerce platforms will help small businesses sell their products online. Training, including courses in packaging and marketing, will also be provided.
The ministry aims to increase Thais’ income and boost their competitiveness as well as helping small businesses deal with digital disruption.
The state and regulations should no longer be a burden on the private sector but instead, help push them forward in line with the Thailand 4.0 policy.
The government is focusing on building new businesses in digital content, Edutech, Agritech Traveltech, Blockchain and FinTech industries. The ministry hopes the private sector can be a fulcrum for cultivating a new business ecosystem.
Proposals from these talent groups will be considered to bring about solutions to create better ways to achieve the country’s digital economy targets, it was noted.
The DE ministry’s policy is geared towards three core pillars, which comprise digital for the economy, digital for social and digital for security.
Regarding digital for the economy, the government will press ahead with policies and infrastructure that help to boost growth. Efforts will be made to boost an e-commerce ecosystem and growth in online business through the roll-out of related laws.
Digital for society means the government will focus on ensuring easier access to digital services in people’s daily lives, such as creating a portal to handle most aspects of the state bureaucracy.
The ministry will work with other agencies to make sure the government’s digital policy benefits people in all sectors.