Bengaluru-based Ed-Tech Startup IMAX Program, which works with K12 schools and provides them with curriculum services, has raised $13.5 million from the Michael and Susan Dell Foundation (MSDF) and LGT Impact. Existing investor Aspada Investments who previously invested $1.8 million in 2015, also participated in this funding round.
In a press statement, the company said that it will use the newly raised capital to further innovate its product, enhance its in-school service experience and expand its customer base through multiple distribution channels. Additionally, IMAX will also explore working with K12 publishers internationally, to deliver high quality in-school remedial programs to a global student base.
Commenting on the investment Prachi Windlass, Director of India programmes of MSDF said, “Education in India is waiting for its data revolution. We need models that leverage technology for applying data and analytics to improve learning outcomes for every student. However, there are genuine challenges in implementing such models due to variety in curriculum, pedagogy and assessments across multiple states in the country.”
Founded in 2009 by Naveen Mandava and Varun Kumar, Ed-Tech Startup IMAX Program partners with K12 schools and provides them with curriculum services such as designing textbooks for students, creating lesson plans for teachers, crafting question papers for exams, offering students individualised worksheets and digital learning content.
Ed-Tech Startup IMAX Program currently serves over 800 schools and 300,000 students in Andhra Pradesh, Telangana, Karnataka, Maharashtra and Tamil Nadu in India. It is further looking to expand to Kerala, Haryana, Punjab and Uttar Pradesh. The startup claims that 90% of schools are state board and are in tier II and tier III cities.
“With this round, we will now further deliver a better experience for our customers and partners, and accelerate the expansion of our commercial operations in India. We will also be selectively looking at prospective markets abroad,” Varun Kumar, co-founder of IMAX Program said in the statement.
The Michael and Susan Dell Foundation primarily invests in education and financial services companies. The global philanthropic foundation made its first India investment in a microfinance firm Ujjivan Financial Services Ltd in 2006. The other investments include a Bangalore-based school finance company Varthana, startup Kings Learning and Naandi Education Support and Training Pvt. Ltd (NEST).