Find Solution seeks up to USD 15m in Series B
Corporate Finance
FIND SOLUTION SEEKS UP TO USD 15M IN SERIES B
TIM LEEMASTER
Find Solution AI, the Hong Kong-based software developer, is seeking as much as USD 15m in a Series B, CEO Viola Lam said.
The company expects the round to close by the first quarter of next year. Find Solution raised USD 4.2m from a Series A earlier this year, which included Hong Kong-based venture capital fund Spark Ventures and Soul Capital.
Lam said how much of the new funding would come from existing investors and new players has not been decided.
The company has developed educational software for children with autism that began to be used in Hong Kong schools last year. The current pilot program includes math classes in 75 schools.
Originally Lam, a former teacher, used the software in the three education centers she runs. The parent of one of those students, who works as a school principal, suggested she approach the education department. The software proved so popular schools have begun using it in all classes, not just those for special needs students, Lam said.
The software tailors learning based on response times, styles and reading user emotions with facial recognition.
Within the next two quarters Lam expects to have an application programming interface (API) in place so its software can be used in other industries outside of education.
Find Solution is developing a corporate training business, for example, with a pilot program in a half dozen banks and in the utilities sector. The company is currently doing research in how to best use its software in the healthcare industry as well. One potential option is in nursing homes to help patients with Alzheimer’s disease take medication regularly and reduce the number of doctor visits.
Find Solution has contracts worth USD 3.8m and expects to at least double that by next year, Lam said. Last year the company had none.
About 70% of the company’s revenue come from its education business and the rest is from corporate training, Lam said.
The company, which was started six years ago, is planning to expand into Japan, where it plans to add another staff member, Southeast Asia and is looking for US-based publishers to work with.
In addition to Hong Kong and Japan, the company has research and development offices in the Netherlands and Silicon Valley. It has 40 staff and is expanding headcount, Lam said.