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IIM-Ahmedabad's technology business incubator, Centre for Innovation Incubation and Entrepreneurship (CIIE) on Monday announced that its incubatee, Edsix Brain Lab Private Limited has raised growth stage funding in an angel round led by Sprout Angels LLP.
The financial details were not disclosed.
Founded in 2013, Edsix Brain Lab offers Skill Angels, a game-based skill assessment and enhancement platform for K-12 students.
First of its kind, in the cognitive skill development domain in India, Skill Angels offers an extensive suite of 500+ games with a rich audio-visual online experience that provides self-paced learning, controlled gaming and supports skill development in a fun filled way.
Saravanan Sundaramoorthy, Founder and CEO, Edsix Brain Lab said, "Since inception, Skill Angels has been delivered across over 15,000 students. The support from our passionate angel investors led by Sprout Angels will be pivotal in our growth going forward. With the funding, Skill Angels aims to expand its services in the B2C segment, strengthening the technology platform enhancements for B2B integration and supporting our vision to emerge as a nation-wide platform for Cognitive Skill Development."
The platform has been developed by a team of educational experts, clinical psychologists and developmental paediatricians to strengthen core cognitive skills essential for effective performance of an individual these include critical thinking, learning agility, increased attention span among others.
Vipul Patel, AVP at CIIE said, "Skill Angels is strategically poised for immense growth and has the potential to be at the top of the education game arena."
Edsix had earlier won CIIE-Village Capital’s Tech4Impact Accelerator, 2013. CIIE has also obtained a profitable partial exit from Edsix during this round.
Abhaya Kumar, Chief Advisor from Sprout Angels LLP said, "Market size estimates for game based learning industry globally is around $ 2 - 3 billion in 2015 and projected to grow to $ 8-9 billion by 2017. We see huge potential for educational games in India with a market size of around a $ 1-1.5 billion market in next couple of years. We find the product developed by EdSix Lab has global potential." Sprout Angels is an angel investor in IT & ITES industry.
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