Mathpresso was ranked 136th on the list released on Tuesday. The magazine collaborated with market research firm Statista to select 250 education technology firms from among 7,000 candidates. "The ranking is built on two pillars: financial strength and industry impact," TIME said on its official website.
The Korean startup's math AI platform Qanda has amassed over 92 million users. It rapidly provides explanations in about five seconds after a student snaps a photo of a difficult math question and uploads it. The platform uses optical character recognition (OCR) technology to extract essential data from handwritten text images, facilitating smooth conversion into machine-readable text.
Mathpresso recorded its highest-ever sales amount of 17 billion won ($12.4 million) in 2023, marking a 60 percent increase from the previous year. According to market research firm Grand View Research, the global edutech market size is expected to skyrocket to $348.4 billion by 2030 from $142.3 billion in 2023.
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