EduLab Capital Partners Announces Investment in examPALPosted Apr 09, 2019
Investment in Test Prep Platform Marks Familiar Territory for the EduLab Capital Partners Team
BOSTON — April 9, 2019— EduLab Capital Partners, a seed-stage venture capital firm, today announced an investment in examPAL to help grow its test prep platform. Tel Aviv, Israel-based examPAL marks the first international investment for EduLab Capital Partners, which was launched in late 2018 with an exclusive focus on the education market. EduLab Capital Partners’ domain-specific expertise, global partnerships and product development within the testing space will help companies like examPAL to accelerate their product impact in the market.
examPAL aims to transform the way students prepare for admission tests. They have developed a test-prep SaaS, which uses a unique training technology called 'PAL' (Precise, Alternative, Logical), based on artificial intelligence and a complex algorithm. The system statistically predicts the best way for the user to solve each question as opposed to “one-size-fits- all” solutions provided by books or tutors. The solution uses an artificial intelligence engine to study and evaluate the users learning pathways, and provides the test taker proven, tailor-made practice sessions with solution strategies based on his or her personal way of thinking. examPAL currently offers GMAT and GRE test prep solutions and is developing innovative online training courseware for additional exams.
“examPAL’s utilization of the PAL adaptive technology application is a differentiating factor that we find to be unique in such a competitive marketplace,” said Norihisa Wada, Managing Partner at EduLab Capital Partners. “We ultimately believe that the combination of artificial intelligence and wisdom of the crowd within the solution itself will help the test taker experience rapid improvement and higher efficiency. Testing is in our DNA and we’re thrilled to support the examPAL solution.”
As the prominent seed-stage venture capital firm exclusively focused on the education market, EduLab Capital Partners leverages deep education industry experience to help its portfolio companies quickly establish broad distribution, integration and implementation.
“Our team understands the unique challenges of the testing landscape and will be able to offer targeted counsel and support,” Wada continued. “We can help guide examPAL’s growth strategy in ways that we are very familiar with.”
While EduLab Capital Partners is headquartered in Boston and maintains a presence in Tokyo, they keep a close eye on the global education landscape and will leverage previous investment experience in the Israeli ecosystem. While headquartered in Tel Aviv, examPAL serves almost 100,00 students from 156 countries. Over a short period of time, examPAL received international recognition for innovation, education and artificial intelligence, by Microsoft’s Innovate.AI, SXSW Edu and ASU GSV (chosen as ‘among the 100 most important venture/growth stage companies in the broader learning and talent technology landscape). The company also won several global awards, such as Google’s DLD award, Reimagine Education, GESA (Global Edtech Startup Awards) and the LearnLaunch Higher Ed award.
“We are thrilled to be part of the EduLab Capital Partners portfolio,” said Oren Jackman, founder and CEO of examPAL. “Their extensive network has value far beyond the capital they provide. The expertise of their team will be tremendously valuable as we build out our product suite.”
HIGHGRADE ventures is amongst examPAL seed investors. HIGHGRADE brings market expertise combined with strong pedagogy and R&D practices demonstrated by its general partners.
"We really believe in the potential of examPAL, and we're happy to invest jointly again with EduLab. We share a very similar vision about EdTech and feel that together we can add value to the company from various aspects," says Avi Warshavsky, managing partner at HIGHGRADE ventures.
examPAL revolutionizes the way students prepare for the GMAT and GRE. Using our unique online training technology called PAL, students ace the preparation course faster and with a higher score. Fully guaranteed. With over 20 years’ experience in test prep, we’ve created the ultimate online course: the only truly personalized course that learns the way YOU study, and tells you how to do better – so you can crush the GMAT or the GRE in 4 weeks. Reach your highest score and improve rapidly with proven learning strategies. Accessible anywhere, anytime, with effective feedback for continuous improvement and interactive videos to keep you going, ensuring that you make the most of your learning experience. To learn more, visit www.examPAL.com.
About EduLab Capital Partners
EduLab Capital Partners is a seed-stage venture capital firm focused exclusively on the education market, investing in business models that transcend the traditional education landscape. The Company’s Boston- and Tokyo-based team provides foundational support to entrepreneurs to help expand their customer base, make key early-stage hires, and raise additional capital for profitable and sustainable growth. EduLab’s education market savvy and artificial intelligence expertise provide unique leverage points for its investments, while the Company’s network of global partnerships and distribution channels provide its portfolio companies with the depth and reach to quickly accelerate product integration and impact. For more information, visit www.edulabcapital.com
About HIGHGRADE Ventures
HIGHGRADE Ventures is an edtech investment fund, seeking skillful entrepreneurs passionate about technology innovation in the EdTech space. Backed by a strong team in the market represented by Arie Capital, a leader among global EdTech centers, represented by MindCET, HIGHGRADE ventures secure its capital in order to build its investment presence around Europe and in Israel. The fund’s focus is early stage start-ups (from seed to A round) demonstrating a strong mix of deep technology innovation (including integration of AI, AR, VR, etc.) with forward thinking educational approach and models. Specific attention is given to scalable business models, as the key purpose of the fund is to generate returns in excess of market average, while enhancing Educational Technology activities within Europe.
MindCET is a well-established EdTech innovation center backed by the biggest educational publisher and software house in Israel. They oversee industry inside information from early stage to exited companies. MindCET offers top notch innovative perspective on education technology, relying on in-house R&D, an accelerator for seed and mature companies, a one of a kind program for incubating ground breaking technological-based pedagogical solutions, and a fund for early stage investments. MindCET is a major player in the global EdTech scene, providing a unique model for the development and adoption of innovative educational solutions. They are the founder of the GESAwards competition (the largest in the world) and possess business, pedagogy and commercial partnerships around the world.