A GPT-Powered Math App Seeks $100 Million In Funding

Higgz Academia Technology Pte, a Singapore-based company, is in talks with possible investors to raise its $100 million value in a new investment round and leverage OpenAI's ChatGPT craze.

‍

According to Chief Executive Officer Joey Sun, the teaching app developer last secured $20 million from investors such as Matrix Partners and Qiming Venture Partners around two years ago. According to Sun, the development of ChatGPT has spurred prospective investors to initiate preliminary conversations with Higgz regarding another round of comparable scale. The company plans to integrate OpenAI's chatbot into its app next month. 

‍

Founded in Beijing while Sun was a Tsinghua University engineering student, the venture initially focused on training algorithms for mathematical computations and logical reasoning before settling on a commercial plan. Sun registered Higgz in Singapore in 2021 and secured funds for a learning app aimed at high-school and university math students in Western countries, where the online tutoring field is less congested than in China. 

‍

Its TutorEva app, which was released in July, allows users to scan arithmetic problems and receive step-by-step solutions via text, graphics, or verbal suggestions. According to Sun, the app has garnered hundreds of thousands of monthly users, the majority of which are from the United States.

Founded in Beijing while Sun was a Tsinghua University engineering student, the venture initially focused on training algorithms for mathematical computations and logical reasoning before settling on a commercial plan. Sun registered Higgz in Singapore in 2021 and secured funds for a learning app aimed at high-school and university math students in Western countries, where the online tutoring field is less congested than in China. 

‍

Its TutorEva app, which was released in July, allows users to scan arithmetic problems and receive step-by-step solutions via text, graphics, or verbal suggestions. According to Sun, the app has garnered hundreds of thousands of monthly users, the majority of which are from the United States.

‍

TutorEva is competing against some well-funded competitors. Google received European Union approval in March to purchase Croatian learning startup Photomath. TutorEva competes with Microsoft Corp.'s Mathsolver, a free online and mobile tool.

‍