{"id":129870,"date":"2023-12-18T21:11:06","date_gmt":"2023-12-18T20:11:06","guid":{"rendered":"https:\/\/prod1-sb.designtech.space\/algor-raises-e1-4-million\/129870\/"},"modified":"2023-12-18T21:11:06","modified_gmt":"2023-12-18T20:11:06","slug":"algor-raises-e1-4-million","status":"publish","type":"post","link":"https:\/\/www.startupbusiness.it\/en\/algor-raises-e1-4-million\/129870\/","title":{"rendered":"Algor raises \u20ac1.4 million"},"content":{"rendered":"

Algor Education, a startup that aims to innovate the learning sector thanks to solutions based on artificial intelligence algorithms, announces that it has closed a \u20ac1.4 million equity investment transaction<\/strong>, led by the British fund Emerge Education<\/strong> with the participation of the Investors Club<\/strong>, the holding company 40Jemz Ventures<\/strong> and the business angel Gustaf Nordb\u00e4ck<\/strong>. Born and raised in the incubator of the Polytechnic University of Turin (I3P), Algor Education has created a digital platform<\/strong> that transforms texts into more visual, interactive and stimulating learning tools, with the aim of supporting students, teachers and professionals in their study and daily work. Algor’s technological solution is based on artificial intelligence algorithms, capable of processing and synthesizing inputs of different types, not only texts but also images, audio, video, identifying concepts and key information in a completely automatic way and then generating concept maps that can be modified, reorganized and even shared online, encouraging study and group work. Algor’s entrepreneurial adventure began in January 2021. The proposal of an application that would allow you to transform texts into concept maps earned the then student and current CEO of the startup, Mauro Musarra<\/strong>, the victory of a challenge organized by the Polytechnic of Turin and access to a pre-incubation path in I3P, undertaken together with five other co-founders. In mid-2022, Algor debuted on the market with a beta version and at the beginning of 2023 with the full version of its product, closing the year with over 10 thousand subscribers to the platform, of which about 20% from abroad,<\/strong> two million concept maps created<\/strong> and the signing of collaboration agreements with distributors, schools, universities and training institutions. <\/p>\n

Internationalization and recruitment<\/h2>\n

Thanks to the funds raised with the investment operation, Algor Education will continue its internationalization process and will proceed with the hiring of new talents that will allow the development of increasingly innovative and functional technologies, products and services<\/strong> , able to meet the needs of all types of customers to whom the startup is addressed. The lead investor of the transaction is Emerge Education, a European fund specializing in edtech and focused on pre-seed and seed investments. The fund’s community of more than 100 venture partners, based in the UK, funds businesses that make opportunities accessible to all and works internationally with entrepreneurs who offer access to education and talent, with a significant investment portfolio in the sector. The Investors’ Club, which in the summer of 2021 had already participated with 175 thousand euros in Algor Education’s first capital raising and today confirms its confidence in the project, is one of the main networks of business angels in Italy, with a community of almost 400 entrepreneurs, managers and professionals who finance startups, scaleups and innovative SMEs. 40Jemz Ventures is a Verona-based investment holding company with an operational team made up of former founders and finance experts, while Gustaf Nordb\u00e4ck is a Swedish business angel with an extensive track record of investing in the education world. Mauro Musarra, says in a note: “In a world full of stimuli, such as video, audio and reel content, paper books are no longer enough to capture students’ attention and ensure effective learning.<\/strong> We have therefore developed an AI-based platform that allows anyone to transform their traditional texts into interactive tools, such as concept maps or audio lessons, facilitating learning and promoting a truly inclusive teaching approach. The important results recorded in recent months, both in Italy and abroad, confirm that we are on the right track. We have been looking across Europe for the best partners to continue to support this growth, and the entry of Emerge, Gustaf, 40Jemz and new members of the Investors Club represents the opportunity we were looking for to build something great. This investment will allow us to expand our presence in the international market and hire new talent who, like us, want to revolutionize the world of learning.” Jan Lynn-Matern, founder and general partner of Emerge Education, adds: “Much of education today is still based on a standardised, one-size-fits-all method.<\/strong> Algor’s vision, which allows students to create hyper-personalized learning materials to best support them in their learning journey, will help make education more tailored to each student’s needs. We are privileged to be part of this journey and to support the Algor team in moving this project forward on a global scale.” Italian Angel<\/strong> and Anna Maria Siccardi, co-champion of the operation for the Club degli Investitori, say: “In this round, Algor Education has once again garnered widespread trust among the Club’s members: after the investment made in pre-seed a year and a half ago, we have been able to see the validation of the model and the solidity of the technology<\/strong>. We believe we have contributed to bringing experience, contacts and ideas to a young, enterprising team, with incredible technological depth and a great focus on execution. In this way, a personal relationship of mutual trust was created. For us angels it was a breath of enthusiasm, which extended to many of our members. We are very pleased to continue to be at the company’s side for future and ambitious challenges.” Michele Padovani, managing partner of 40Jemz Ventures, points out: “We are happy to support a team that immediately gave us the impression of combining technical expertise and mastery of the business in an excellent combination.”<\/strong> Gustaf Nordb\u00e4ck: “I was deeply impressed by Mauro and the Algor team. They have a bold vision and have developed a powerful platform that addresses an important need for the majority of students.<\/strong> The way Algor elegantly personalizes study materials for visual learners can have a major impact on their ability to learn. I look forward to supporting Mauro and his team on their journey to help students realize their full potential.” “As President of I3P, I am thrilled to share in the success of Algor Education. Since the first months we have witnessed the extraordinary growth of the project and the awards obtained at national level. This new operation, with the participation of an international investment fund, is a significant step and a demonstration of the good work done, as well as a strong signal of the interest of European partners in our portfolio – says Giuseppe Scellato -. Algor’s growth is a tangible example of the potential of talents growing within universities and the Politecnico di Torino in particular.<\/strong> We will continue to provide our full support to Algor Education in its mission to make education more accessible and inclusive for all.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The edutech startup born in the incubator of the Polytechnic University of Turin receives the investment from Emerge Education, Club degli Investitori, 40Jemz and business angel<\/p>\n","protected":false},"author":125,"featured_media":136967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1317,1346],"tags":[1468,1143,1137,1436,1136],"companies":[],"journalist":[1513],"class_list":["post-129870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-funding-news","category-must-read","tag-edutech-en","tag-investments","tag-italy-en","tag-round-en","tag-startup-en-2","journalist-emil-abirascid-en"],"featured_sizes_urls":{"thumbnail":{"src":"https:\/\/www.startupbusiness.it\/wp-content\/uploads\/2024\/05\/Foto_Algor_Team.jpg","width":150,"height":113,"crop":false,"srcset":false,"alt":""},"large":{"src":"https:\/\/www.startupbusiness.it\/wp-content\/uploads\/2024\/05\/Foto_Algor_Team.jpg","width":1024,"height":768,"crop":false,"srcset":false,"alt":""},"2048x2048":{"src":"https:\/\/www.startupbusiness.it\/wp-content\/uploads\/2024\/05\/Foto_Algor_Team.jpg","width":1280,"height":960,"crop":false,"srcset":false,"alt":""}},"acf":[],"yoast_head":"\nAlgor 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