To take advantage of OpenAI’s ChatGPT phenomena, Singapore-based Edtech company Higgz Academia Technology Pte, co-founded by Sun Yiqiao, is now discussing with possible investors to increase its valuation to $100 million in a new investment round.
The creator of tutoring software received $20 million in investment two years ago from backers. In an interview, co-founder Sun Yiqiao stated that the growing popularity of ChatGPT has prompted potential backers to start talking to Higgz about another round of similar funding. Next month, the business intends to include OpenAI’s chatbot in its app.
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Higgz’s Journey and Shift in Focus
Before deciding on a commercial strategy, Higgz first focused on training its algorithms for mathematical computations and logical thinking. Following its most recent round of investment, the business shifted to Singapore in 2021. It focused on college and high school math in Western countries, where the online teaching market is less developed than in China.
TutorEva App: Solving Math Problems Step-by-Step
Higgz’s TutorEva app, which was released in July of last year, enables users to scan arithmetic problems. Then they would receive detailed solutions in the form of text, illustrations, or voice instructions. Most of the app’s monthly users are from the United States, numbering in the hundreds of thousands. These specifics were provided by Sun Yiqiao, a 29-year-old co-founder who studied electronic engineering at the elite Tsinghua University in China.
Incorporating OpenAI’s GPT-4 for Enhanced User Experience
Currently, students must use their phones to scan textbooks in order to enter questions into TutorEva. However, Sun claims that the app’s upcoming version will offer more humanlike replies because of the incorporation of OpenAI’s GPT-4. The 80-person Higgz team intends to launch subscription-based services for individualized math instruction this year and to add other STEM topics in 2024.
Competing in a Market with Deep-Pocketed Rivals
TutorEva faces a serious threat from well-funded rivals in the edtech sector. The European Union gave Google permission to purchase the Croatian educational software Photomath in March. The free tool Mathsolver from Microsoft Corp., which is accessible on the web and mobile devices, is another rival to TutorEva.
Our Say
Higgz Academia Technology, an edtech, is in a good position to expand and develop in the edtech market. This is because it seeks further capital to increase its valuation and benefit from the ChatGPT craze. The addition of OpenAI’s chatbot technology to TutorEva is anticipated to improve the app’s usability. Thus, making it a more compelling choice for students seeking arithmetic help.
Higgz wants to become a market leader in online tutoring by diversifying into more STEM topics and providing specialized tutoring services. The business is well-positioned to affect the future of education and learning substantially. This is because of its solid foundation and emphasis on innovation.
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