Government and private funds invest in programming school
22 Feb '21
The Russo-Chinese Technology Investment Fund (RCTIF) and Winter Capital Partners have invested $10m in Algoritmika, a Russian school of mathematics and programming, portal Firrma.ru reported. RCTIF is a subsidiary of the government-owned Russian Direct Investment Fund, and the other investor is owned by Vladimir Potanin, a Russian nickel and banking tycoon.
Algoritmika is reported to have plans to use the money for further development of its EdTech product and also for support of its international expansion strategy that includes new franchise partnerships across the world, the opening of new schools, and an increase in the number of students.
Algoritmika trains kids in mathematics and programming in both offline and online formats, using what they refer to as unique methodology and a proprietary platform. The project kicked off four years ago and since then has opened schools in 37 countries. The company has 200+ franchise partners in more than 250 cities. With its advanced educational content Algoritmika trains over 150,000 students a year across the globe.
Classes are based on an interactive IT platform the firm has developed from scratch; training material has been translated into 11 foreign languages. The platform is said to be able to analyze big data, enabling Algoritmika to monitor education results and the quality of teachers’ work.
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