eduBITES closes seed financing of 2.1 million euros
Berlin, Februar 23, 2023: eduBITES, an EdTech company focusing on corporate learning, has secured a EUR 2.1 million Seed funding round to help bring their cutting-edge approach to knowledge extraction and transformation to the B2B world. The funding was provided by Redstone - Family Office Schwarzwälder Bote, IBB Ventures, and eduBITES Founder Prof. Dr. Marc Drüner.
eduBITES is targeting the increasing demand for upskilling the employees of corporates by using the latest technology. eduBITES has developed three artificial intelligence-powered suites to make the explicit and tacit knowledge of enterprises visible and accessible. eduBITES solution generates automized, bite-sized, multimodal, and multilingual learning experiences from preexisting internal corporate content and relevant external information. Enterprises can solve pressing knowledge management problems,such as: offboarding (baby boomer “silver tsunami”) and onboarding, the knowledge transfer from experienced employees to new talents, as well as retraining and upskilling employees.
In addition, eduBITES provides companies with their own bespoke digital corporate academies, which incorporate and leverage the newest developments in content, technology, and didactics, to create the best learning experiences to drive employee performance.
"One of the main reasons for the positive investment decision was the very experienced team, covering a real demand in the market with their elaborated product and service. This will change the way knowledge is handled in organizations", noted Stephan Schulze, Investment Director at IBB Ventures.
“Marc and his powerful team have developed a sophisticated approach to unlock a highly unstructured market with the help of technology and didactics. Its strength lies in the ease of use, making it highly operational,” says Lars Härle, Partner at Redstone.
"Before making the investment decision, we took a very close look at the management team and the business idea. We concluded that the technology of eduBITES with its technology will make a significant contribution to providing employees with up-to-date knowledge about their own company and its competitive environment. In this way, eduBITES will make a significant contribution to the qualification and the loyalty of employees to their own company", says the CEO of Schwarzwälder Bote GmbH & Co. KG.
"We're thrilled to have won strong partners, and we believe that our unique approach will be a game-changer in the corporate education space," said Prof. Dr. Marc Drüner, Founder & CEO of eduBITES. This funding will allow eduBITES to stay ahead of the curve in the synthetic and AI explosion in the corporate market.
About IBB Ventures
IBB Ventures (www.ibbventures.de) has been providing venture capital to innovative Berlin-based companies since 1997 and has established itself as the market leader in early-stage financing in Berlin. The funds are primarily used for the development and market launch of innovative product or services as well as for business concepts in the creative industries. In addition to our two VC funds for Berlin-based technology and creative industries startups with a combined volume of EUR 90 million, our impact VC fund with a volume of EUR 30 million has been in the investing stage since 2022. All our funds are backed by Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF), administered by the State of Berlin. IBB Ventures has already invested in more than 260 Berlin-based creative and technology companies; in consortia with partners, the start-ups received more than € 1.8 billion, of which IBB Ventures invested more than €275 million as lead, co-lead or co-investor. IBB Ventures is the parent brand for the VC activities of IBB Beteiligungsgesellschaft.
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