SAN FRANCISCO, Feb. 18, 2021 /PRNewswire/ -- Photomath, the #1 math learning app with over 220 million downloads, announced it had secured $23 million in Series B funding led by Menlo Ventures, with participation from GSV Ventures, Learn Capital, Cherubic Ventures and Goodwater Capital. Photomath is free and simple to use and acts as a digital math tutor for students and parents struggling with math homework. By scanning a handwritten or printed math problem from a smartphone, Photomath uses computer vision and machine learning to recognize and instantly solve basic arithmetic to advanced calculus. And, Photomath provides step-by-step instructions to guide students to understand and master math concepts. The company recently surveyed over 2,000 parents and found 56% of parents cannot help their children with math homework resulting in parents downloading Photomath at 3x the amount every week since the pandemic started.
"Many parents are unable to help their children with math and the pandemic has shone a light on the struggles students and parents are facing with remote learning. There are clear disparities between families that can afford a tutor, and those that can't, who are being left behind," said Damir Sabol, CEO and founder of Photomath. "Photomath is transforming the way students learn and removing the pain points and costs associated with digital learning and tutors. With this latest round of funding, Photomath will continue to provide the much-needed bridge between virtual learning and access to interactive problem solving to help all students."
Photomath is complementary to teacher instruction and remote learning and is used by millions of teachers as a tool to enhance the learning experience. Real teachers and Ph.D.'s work at Photomath developing methodologies to solve complex math concepts to ensure accuracy in answers. Photomath Plus, its premium version, includes features like animated tutorials and dynamic illustrations that outpace traditional teaching methods by bringing every solving step to life.
"We were instantly impressed with Damir as a founder of another successful company and his deep expertise in machine learning and mobile technologies. When confronted with the inability to help his sons with math homework, he used his experience and expertise to create Photomath and solve the problem," said JP Sanday, Partner at Menlo Ventures. "With Photomath's mobile-first approach the company is well-positioned to supplant the massive online tutoring market and put high-quality learning support in the hands of students everywhere."
Photomath will use the new investment money to grow the company headcount, invest in AI and machine learning capabilities, and scale product and marketing development.
About Photomath Photomath is the world's most used math learning app with over 220 million downloads worldwide. Photomath's mission is to transform learning by helping every student succeed in math, using the power of AI and a smartphone. Photomath instantly scans and solves math concepts, ranging from arithmetic to calculus, and explains how to solve math problems through step-by-step instructions and animated tutorials. Based in San Mateo the company is funded by Cherubic Ventures, Goodwater Capital, GSV Ventures, Menlo Ventures, and Learn Capital.