Innovative startup Algor Education has successfully announced the completion of a €1,400,000 equity investment. Founded and developed at I3P in Turin, Algor Education has created a revolutionary digital platform that leverages Artificial Intelligence algorithms to make text more visual, interactive and stimulating learning tools. The aim is to support students, teachers and professionals in their daily study and work.
Algor's technological solution is based on artificial intelligence algorithms that can process input of different types, including text, images, audio and video, automatically identifying key concepts and information. This enables the automatic creation of concept maps that can be edited, reorganised and shared online, facilitating group work and collaborative study..
Algor Education's entrepreneurial adventure began in January 2021 when Mauro Musarra, then a student and current CEO of the startup, won a competition organised by the Politecnico di Torino. Subsequently, Algor won important awards, including the Ancalau Prize 2021, 4th place in the Start Cup Piemonte Valle d'Aosta 2021 competition, and the PNICube National Prize for Innovation in 2021. During 2022, Algor launched a beta version and, in early 2023, the full version of its product, reaching over 10,000 subscribers to the platform (around 20% from abroad) and the creation of 2 million concept maps.
With the funds raised, Algor Education will continue the process of internationalisation and will be able to recruit new talent for the development of increasingly innovative and functional technologies, products and services, capable of meeting the needs of all the types of customers the startup addresses.
The lead investor in the transaction is Emerge Education, a European fund specialising in edtech and focusing on pre-seed and seed investments. Club degli Investitori, which had already participated with €175,000 in the first capital raising of Algor Education, confirms its confidence in the project. 40Jemz Ventures is an investment holding company based in Verona, while Gustaf Nordbäck is a Swedish business angel with an extensive investment track record in the education sector.
Mauro Musarra, Founder & CEO of Algor Education, said: "In a world full of stimuli, such as video, audio and reels content, paper books are no longer enough to capture students' attention and ensure effective learning. We have therefore developed an Artificial Intelligence-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 all over Europe for the best partners to continue supporting this growth, and the entry of Emerge, Gustaf, 40Jemz and new members of the Investors Club represents the opportunity we have been looking for to build something big. This investment will allow us to expand our presence in the international market and recruit new talent who, like us, want to revolutionise the world of learning".
