Quizlet, an education-technology based startup company founded in California, raised $20 Million in a round of investment venture funding in order to create Artificial Intelligence-based tutoring software.

The company, which is based in San Francisco, plans to further develop existing software, including Quizlet Learn and Quizlet Diagrams, which were launched in 2017. Quizlet Learn helps students develop study plans for particular subjects, while Quizlet Diagrams helps students study image-based content. Funding will be used to help grow the company’s data science team from 20 to 70 by the end of 2018 and then to 140 in the next two years, according to Vador News..

According to EdScoop, the investment funding was primarily led by Icon Ventures, Union Square Ventures, and Owl Ventures, among others.

New funding round

The new funding will also enable the company to further develop its AI models, according to CEO Matthew Glotzbach. Glotzbach said the company’s vision for Quizlet is for it to be an “AI-powered tutor that can really help anyone learn anything,” according to Vator News.

Glotzbach said an ideal tutor will encourage, motivate, and guide students while providing assistance when they get stuck on particular concepts and helping to guide them to the final answer. Glotzbach said "that technology can play a really meaningful role” to aid students in overcoming learning difficulties across a field of subjects Vador News reports.

The software helps users learn existing technology by customizing education based on what a user is struggling with most, according to Venture Beat. This is just the latest use of AI to change an entire sector. Similar overhauls are underway in finance and related industries.

Future goals

The app currently exists in 19 languages, however, Vador News reports that part of the company’s goal, with the most recent round of funding, includes more cultural and anthropological research to develop a better understanding of international education systems, including MCAT tutoring.

The $20 million fundraiser is the company’s second round of Venture Funding. In 2015, Quizlet secured $12 million from series A funding. It has used this funding to grow its subscriber base.

More than 30 million people use the Quizlet app monthly, according to EdScoop, and the company claims one in two high schoolers and one in three college students use the app to help their studies. Quizlet hopes to continue to target this group in the future.