April 2018 Published in Forbes
We have some hugely exciting news to share: Soffos, one of Fountech’s flagship AI incubatees, has opened a €2 million investment round.
But let’s rewind a second. What is Soffos, why is it so important, and why is it looking to secure private investment?
Well, let’s take as our starting point the fact that education is one of the single most important societal issues around the world.
In almost every country education is upheld as a fundamental right of every citizen. Yet education – or rather, systems and methods of education – is so often failing the pupil.
From young children learning literacy and numeracy through to more advanced students studying for high school qualifications or university degrees, the ways people learn new things are often grossly inefficient and alarmingly out-dated.
This is particularly true in classrooms, where teachers will deliver the same lesson to dozens of pupils despite the unavoidable reality that each of those individuals has their own preferred methods of learning new things. Some will pick up a new subject quickly, others will take more time; some will prefer visual techniques, others will respond well to gamification.
The same is true in adults, too. In fact, earlier this year Fountech commissioned a study of 2,000 UK adults and found that 58% of people had wanted to learn a new skill in the past year; however, less than half (46%) successfully acted on this intention, while a further 26% never reached the skill level they wanted. Time, cost and failure to access reliable resources were the main barriers preventing the majority of people from learning new things.
Here at Fountech we’re solving this problem; we’re developing Soffos, one of our flagship projects.
Soffos is an AI-powered TutorBot. Put another way, it is an education platform that will apply artificial intelligence and machine learning technologies to a vast array of learning materials available online to deliver personalised teaching to anyone, anytime, anywhere.
Tutors are expensive, classrooms are not always accessible, and each student likes to learn in different ways. Soffos responds to these challenges by taking the power of 1-on-1 teaching – which is significantly more effective than classroom or group learning – and delivering bespoke lessons via an easy-to-use online service.
Tutors and teachers can use Soffos to enhance the way they educate their students, young or old. The TutorBot will deliver bite-sized, three-minute lessons on a huge range of topics, pulling in information from books, articles, infographics, videos, animations, games, software, apps and more. It is the future of education across the globe.
In H2 2019, Soffos is raising €2 million in private investment. The funds will be used predominantly to continue the development of AI modules, software and user experience. Indeed, to date Fountech has already invested significant capital and resource into developing a proof of concept for Soffos over the past year.
Furthermore, the investment will be used to market Soffos to consumers and to build awareness amongst tutors, content providers, partners and investors.
This is a hugely exciting project and the opportunity is now available for qualified investors to become a part of it, with a minimum investment of €50,000 per qualified investor.
If this is of interest to you, click here to find out how you can download the Soffos investor pitch deck. There is an investment opportunity presentation that Fountech will share with interested qualified investors – the presentation includes the full T&Cs, which all investors and investments will be subject to.