Israeli edtech startup Matific announced a gargantuan $45 million Series B funding round Wednesday, hoping to expand its reach beyond the network of 20 or so countries where it already has a presence.
The round was led by Australian entrepreneur Leon Kamenev and brings the company’s overall haul to $58 million after a $12 million round in 2015.
The company uses learning games in math and science for kids between preschool and elementary. Founded in 2012, Matific uses software that develops individualized games automatically, suiting it for skill level. The startup already had 15,000 teachers using the platform by January 2015, two thirds of them in the U.S.
“The current investment provides Matific with even more growth opportunities and allows us to expand our R&D center and global sales team,” said Matific COO Gil Almog, who also manages their main R&D office in Israel. “We are extremely excited about the opportunity we received from Leon and the rest of the investors to revolutionize education.”
Matific was founded by math education specialist Professor Raz Kupferman, Professor Shimon Shocken, computer scientist Shmulik London and gaming industry insider Guy Vardi. Kupferman once ran the Einstein Institute of Math at Hebrew University and Shocken is founding dean at the EFI Arazi School of Computer Science at IDC Herzliya.
The edtech vertical has seen an investment slump based on Q1 numbers, dropping from nearly $600 million in deals in Q4 2015 to about $200 million in the first quarter of this year according to data published by industry analysts at EdSurge. That drop sent ripples through the industry. This deal with Matific is considered the largest of the year according to the company.
Kamenev is the founder of online businesses myrate.com.au, HotelClub (now affiliated with Orbitz) and MenuLog, as well as lists himself as a Co-founder of Matific on his personal LinkedIn page.