The acquisition will help ConveGenius integrate GMI’s measurement science with its automated learning capabilities and help under-served students diagnose their remediation requirement for missing skills and knowledge through a tailored set of instructions. Gray Matters India’s annual revenue rate (ARR) is about $1 million.
While collecting children’s teaching and learning transactions, the digital learning fingerprint of every learner contains encoded information associated with their cognitive skillsets. This helps ConveGenius understand the growth of a learner. GMI will help ConveGenius enhance students’ learning levels with transparent communication infrastructure.
In a statement, Prachi Jain Windlass of Michael and Susan Dell Foundation, said, “ConveGenius has grown significantly in reach and impact and is playing an important role in bringing the power of ed-tech to government and budget private schools. GMI has set the standard for large-scale student assessments in India and has paved the way for instruments like Development Impact Bonds in education.”
“Bringing education to the bottom 100 million children in India at an affordable price point, done in a viable manner, is a tough problem to crack. Covid has brought wind in the sails for edtech players such as ConveGenius,” said Rajat Dhawan, senior partner at McKinsey & Company in a statement. He has been an angel investor in ConveGenius in his personal capacity.
“When we started Gray Matters India, we envisioned assessment as a tool that would help students realise their full learning potential. This partnership will further this vision,” said Pradeep Sharma, Founder, Gray Matters India, in a statement.
In a statement, Jairaj Bhattacharya, Cofounder, ConveGenius, said, “GMI’s products will be integrated to improving our tech-stack for Naya Bharat. The affordable private schools, budget schools and government schools will need to adapt with shifts in the space and we are working towards creating a product stack to organise this segment.”