Kidaptive raises USD 10.1 million in Series B round led by Formation 8
Innovative digital learning company Kidaptive said it was able to raise USD 10.1 million for its Series B round. The financing was led by Formation 8 which was also participated in by Menlo Ventures and the Stanford-StartX Fund. The Palo Alto, California-based edtech company also received support from Prana Studios and NewSchools Venture Fund.
Kidaptive said it will be utilizing the proceeds to grow its curriculum-based learning platform that caters specifically to the early education market. The company intends to make 25 animated episodes in all for its Leo's Pad: Preschool Kids Learning Series for iPad. It also plans to improve its data-rich learner profile so that parents are empowered to comprehend and better support the interests and growth of their kids. So far, four appisodes for Leo's Pad have been released while the fifth is set to be introduced in the next few weeks. The appisodes are available in the App Store.
In a press release, Kidaptive Co-Founder and Chief Executive Officer PJ Gunsagar said so much more can be done with tablets than merely use the technology as a digital babysitter. He added, "We're excited about the value we can create for parents by helping them to become informed participants during a critical time in their children's early education. Kids are increasingly spending more minutes on screen time each day, but parents don't yet have a great readout on what they're learning from these activities or even what's capturing their imagination."
Leo's Pad features interactive stories which are animated and creatively told. Assessments of learning categories that touch on a child's social, cognitive, physical and emotional development are incorporated in the gameplay. The more the child interacts with Leo's Pad, his or her learner profile grows. The child's customized profile then gives parents guidelines on how they can support their kid's interests and progress.
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