Edtech startup GreyAtom announced Friday that it has raised a pre-Series A round of $ 1.2 million from Montane Ventures. Existing investor Pravega Ventures, and Ritesh Arora, Cofounder and CEO of web and mobile testing platform BrowserStack, also participated in the round.
With the recently raised funds, GreyAtom plans to diversify its technology courses line up to include courses on front end engineering, back end engineering, and test automation. The company also plans to expand its footprint across the country.
Founded in 2017 by Shweta Doshi, Mitul Thakkar and Mayuresh Shilotri, GreyAtom provides online and offline education to learners, especially working professionals, to pivot careers in emerging technologies like machine learning, artificial intelligence (AI), data science and full-stack engineering through an end to end learning and career preparation process.
Mitul Thakkar, Co-founder and CEO of GreyAtom, said, “Educational institutes haven’t been able to modify their curriculum so as to impart relevant skill sets to students. GreyAtom bridges the gap between learners and the industry by bringing them together on the learning platform Glabs that provides hands on coding experience, mentorship and access to a huge peer community.”
In September 2019, GreyAtom launched its front end engineering programme with the income share agreement model. The company said that so far, it has received over 4700 applications. Moreover, the acceptance rate for these applications currently stands at 4.8%.
As of now, GreyAtom has provided tech education to over 35K learners to reskill/upskill their tech knowledge. The company claims that, in the last two years, 87% of learners have achieved their career change goals with their education programmes.
“The newer programmes will be launched with an ‘Income Share Agreement’ where there is no upfront payment to be made by the learners; only when they get a job, they share a fixed percentage of their income with GreyAtom. This enables us to create a great amount of trust between us and the learners,” Mitual added.
GreyAtom also claims that it bridges the gap between learners and the industry by bringing them together on its learning platform ‘GLabs’, which provides hands-on coding experience, mentorship and access to a peer community for learners.
GreyAtom’s GLabs provides education seekers to follow a structured learning path, along with an instant assessment of their performance. “The mix of a blended learning approach — online learning on the platform and offline interactions with mentors and peer community — heps in driving outcomes for the learners,” the company said in a statement.
Josh Bornstein, Partner at Montane Ventures, said in a statement: “The founder’s interest in education and their learning product Glabs impressed us the most. GreyAtom’s tech-first approach to skill learners beyond theory by focusing on application and practice enables the company to scale a business that’s typically dependent on instructors or online videos.”
A KPMG report suggests that online education market is expected to touch $1.96 Bn by 2021. Upskilling and online certification courses currently account for a majority (38%) of the online higher education market, the report added.
More from All
In the recent past, product marketing has moved from focusing on product to the portfolio, which gives importance to product, …
The University of Nottingham researched 83 separate studies on energy and self-control and these findings can change the way you …