Masterplace, a Spanish edtech startup, has raised $2 million in seed funding. The round was backed by a group of business angels and Ilya Rouss, founder of Masterplace.
Funds utilisation
The company will use the investment to launch the first-of-its-kind AI-powered educational platform designed to promote education for societal benefit.
What challenge does it address?
The distance education sector has grown significantly in recent years. This growth is expected to continue, with the global market for online education platforms projected to reach 112.3 million users by 2029. Furthermore, the sector is estimated to reach a valuation of $4.7 billion in Europe alone by that time.
This is where Masterplace’s edtech platform comes into the picture as it revolutionises online education.
What does the company do?
Masterplace was founded by a team of seasoned business and educational professionals, including Ilya Rouss. He is a serial entrepreneur with 15 years of experience in technological projects and marketing, who has managed campaigns and pro-athlete sponsorships for renowned brands such as Eurasian Bank, Red Bull, and Yamaha.
While creating and building a course can be time-consuming and challenging, Masterplace supports teachers with an AI-generated co-pilot avatar, which assists in structuring and creating course content and helps students navigate the content based on their individual needs and context. It aims not only to offer top-quality content but also to support both educators and learners throughout the educational experience to maximise knowledge transfer.
All educational content generated on Masterplace is part of a blockchain, promoting the accumulation of knowledge while ensuring the intellectual property rights of both teachers and students. With this unique non-fungible record, it aims to establish its sessions and content as accepted bibliographic references for future academic work.
The AI-assisted edtech platform assists tutors in creating, delivering, and monetising comprehensive courses, even if it’s their first time teaching. Students can access a wide range of courses adaptable to their own contexts, while Web3 technology ensures the intellectual property rights of both course content and its development for both students and teachers.
“Masterplace was born in response to the needs of content creators, helping them create and monetise their courses, when we noticed that only 10% of online course enrollees actually complete them. Therefore, we decided to create a structure that not only helps content creators save time and effort in course development but also provides incentives for users to successfully complete the courses they purchase,” commented Ilya Rouss, CEO and founder of Masterplace.
