HELSINKI, 22nd April 2021
Lexplore raises €5.0m to accelerate international growth
Sparkmind.vc leads a €5.0m equity round financing for Lexplore.
Education sector-focused venture capital company, Sparkmind.vc, has led a €5.0m equity funding round for Lexplore, a Swedish EdTech company with a unique AI and eye-tracking technology used to assess and develop children’s literacy skills in schools.
The raised capital is focused on accelerating Lexplore’s commercial growth. It will enable the business to pursue new opportunities especially in Western Europe, US and Oceania funding key hires in sales development and marketing.
Lexplore is the seventh announced investment from Sparkmind.vc’s €50m learning-focused venture capital fund. It follows the backing of CanopyLAB (dk) and Dugga (swe) earlier this year.
Marko Kyyrönen of Sparkmind.vc commented: “The demand for innovative and efficient solutions for education and literacy are expanding rapidly, and Lexplore is unique and well-positioned to take a global leadership in literacy assessment and development. We were impressed by their solutions’s ability to improve the learning results of readers of all ages, while having impact on the efficiency and accurary of teachers, school administrators and parents. We’re excited to build on the significant momentum the company has already generated.
Lexplore has customers in 7 countries, including Sweden, UK and USA, with several other geographies being in the pipeline. The solution has to date supported well over 100,000 students. Educators report being able to demonstrate significant progress and results after introducing Lexplore. The innovative solution has drawn attention from all over the world, with institutions such as the BBC, UNESCO, Wired magazine and having won various EdTech awards. Each have acknowledged the AI-company for its use of cutting-edge technology to drive up reading and literacy standards globally whilst addressing the inequality gaps in education.
Martin Sjöstrand, Lexplore’s CEO adds: “The skill and dedication of the Lexplore team have got us to where we are today, and we are proud of what we have achieved to date. Joining forces with Sparkmind will allow us to take the next step on our journey to leave no struggling readers behind. We’re excited of what we will achieve together”
Lexplore has its origins in a research project at Karolinska Institute in Stockholm. By combining the use of eye-tracking with artificial intelligence along with many years of research, the method can identify students' reading ability at an early stage and provide dedicated support programs to support those in need. Students across the school take the Lexplore assessment and school organizations are provided with a unique view of their students’ reading process allowing them to use the Lexplore results as a key data point in their educational development. Today, Lexplore is used in hundreds of schools in Europe, US and beyond.
Martin Sjöstrand, CEO, email@example.com, +46 70 386 99 70
Logotypes and image material: https://info.lexplore.se/media-bank
Sparkmind.vc is the first Nordic venture capital company exclusively focused on the learning sector. The company invests from Seed to Series B stages in teams transforming how the world learns. Its investments are focused on solutions that improve learning outcomes, increase access and efficiency of learning or use data insight to better support educators and learners.
Marko Kyyrönen, Managing Partner, firstname.lastname@example.org, +358 44 506 9740