Reliance invests $180m in AI education platform Embibe
Reliance has announced purchasing 72.69 percent of shares on a fully diluted basis of Bengaluru-based Embibe, an artificial intelligence-based education platform.
Reliance has agreed to invest up to $180 million over three years into Embibe, which uses data analytics to deliver personalised learning to students. The ed-tech company will use the capital for business growth, geographical expansion, and to deepen its R&D on AI in education.
It will also focus on catering to students across K-12, higher education, professional skilling, vernacular languages, and all curriculum categories across India and internationally, Reliance said.
"The investment in Embibe underlines Reliance's commitment to growing the education sector in India and the world, and making education accessible to the widest possible group of students by deploying technology," said Reliance Jio director Akash Ambani.
Embibe said 60 Indian educational institutions benefit from its AI education platform as a service, reaching over 15 million students over the last five years.
Reliance said it aims to connect over 1.9 million schools and 58,000 universities in India with technology. The company delivered net profit of 29,901 rupee crore ($4.6 billion) for the year ended March 31, 2017.
Reliance has subsidiaries in retail, logistics, mass media, biotech, and solar. Its telco division, Reliance Jio, turned its first quarterly profit earlier this year.
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