Conicle, a Thai EdTech startup, raises $3 Million funds in Series A round, leading by Intouch Holdings to become a leader in Learning Solution for corporation

Friday 02 April 2021 14:21
Conicle, an EdTech startup developing platform and solution in corporate learning, invests in Series A round with 3 million dollars worth (or approximately 90 million baht) leading by InVent, the corporate venture capital arm of Intouch Holdings PLC. or INTOUCH, together with Humanica PLC., 500 TukTuks, StormBreaker Venture, and Stundi Co., Ltd. to strengthen and enhance the business growth in being the leader in All-in-One Learning Platform and HR Transformation Solution for the corporate customers to be ready to expand the market internationally.
Conicle, a Thai EdTech startup, raises $3 Million funds in Series A round, leading by Intouch Holdings to become a leader in Learning Solution for corporation

ConiclePlatform and ConicleX, the management assistant with organization's learning in the digital disruption era.
Learning Management Platform is represented as a likely trusted assistant for Executives and HR in prospering the corporate personnel, under the main concept of "All-in-One Learning Experience", aiming to build the organizations' learning lessons and to implement employees more effectively. Moreover, its outstanding points are easy-to-use and development solutions which process in the form of 70.20.10, which can figure out all the solutions whether in learning, exchanging knowledge and evaluating the results, at one time.

In addition, ConicleX - The Cloud University, an online university which embraces digital learning platform has developed its studies to covered the 21st century's knowledge and skills such as business, data, human resources, and personal development, which helps implement the employees on both Upskill and Reskill to further highlighted their potentials in several fields. Nowadays, Conicle has served more than 50 leading organizations from various industries, with over 1 million users.

Mr. Nakorn Phuekphiphatmet, Chief Executive Officer & Co-Founder of Conicle, said: "At Conicle, we focus on creating technology and services that help facilitate people to learn easily, become smarter and drive the organizations to have better tools and processes in developing their human resources. We think that from now on, learning will not be limited to only just a lesson in a university level; however, it will be perceived as a Lifelong Learning lesson that we all have to learn for the rest of our life. Since, knowledge and skills are constantly changing all the time with a rapid raising rate. As a result, Conicle decided to create an online university-like platform where people and organizations can build and approach themselves a lifelong learning. This concept of learning aims at raising the level of studies to a new dimension which is not just an E-Learning or Online Courses, whereas appraises it as a Blended Learning arranged especially for each person, Personalized Learning. Importantly, the core strength of the course is to focus on creating a good learning experiences for the users of Conicle."

Mr. Anapat Vimolprapaporn, Chief Technology Officer & Co-founder of Conicle, added that: "I think the key to our continued growth is that we always listen to and understand our customers. Also, we are passionate about creating products which meet the needs of users. We approach closely to our customers' work processes, get through problems and help them figure out the best solutions which served them most. During the past years, we have been proven that we are truly satisfied by our users; and by that, we are continually developed our products and services as well."

Dr. Narongphon Bunsongpaisarn, Assistant Managing Director Joint Venture and Business Development Division and Project Leader, Invent Joint Venture Company, Intouch Holdings Public Company Limited, said: "Investing in Conicle is the first investing movement of InVent in the EdTech startup which is considered to be an important strategic investment of INTOUCH. As a lead investor, we are pleased to be a part of supporting Thailand's education technology as well as developing personnel to have higher potentials to help drive the organization. This allows the opportunity to improve both old skills (upskill) and new skills (reskill) at anytime and anywhere. Also, it can widen the INTOUCH Group to find new business opportunities in the education industry at the same time; especially with AIS, who has built a base of awareness in the education market for many years through AIS Academy. I think that the education will be more emphasized, as we can clearly see from the recent Covid-19 crisis. Moreover, the trend of EdTech startups investing in around the world is gradually increasing, with more than 16 billion dollars in fund raising held by the startups from Venture Capitals around the world by 2020, which is more than twice of the investment compared to 2019. Therefore, talking about Medium-term goals to Long-term goals, both INTOUCH and Conicle have consistent business ideas aiming that Thailand will have an educational platform which will empower Thai people to be able to learn at any age (Lifelong Learning). This means expanding the number of our customers market into the consumers market, which sounds interested; however, has different pain points from corporate customers. Learning in traditional contexts may not meet the needs of modern learners since their social and cognitive circumstances change relatively quickly nowadays. And by that, we will work with Conicle and other business partners to provide opportunities and bridge the gap for Thai children to be able to access to the quality education."

Conicle toghether with Humanica collaborate on strategies planning in being an All-in-One HR Platform to answer all the aspects and requirements of HR applications.
During the past years, Conicle has experienced an exponential growth with Humanica Public Company Limited, a strategic partner who is both an investor and a significant mentor of Conicle. Humanica is the software developer of HR management team as well as an outsourcing service provider to organizations in human resource management matters. According to its administration, Humanica is considered as one of the leading HR Solution company in the country. Therefore, Conicle and Humanica have teamed up and formulated a strategic planning together to become an All-in-One HR Platform which will reach all aspects of the HR processes, as a one stop service center of HR business, which is counted as its main competitive point when compared to a leading global player in HR field of the world.

Mr. Soontorn Dentham, Chief Executive Officer of Humanica Public Company Limited, added that: "Collaborting with Conicle to penetrate in learning platform is considered to be a new movement of Humanica, as we wanted to work with partners who are expertise in specific area. We, Humanica, and Conicle combine our technology and platform together in order to strengthen our employee ecosystem to be more flawless as well as match our customers' employees to work better with a happier personal life. Therefore, the common concept between us, Humanica and Conicle, is to create "The Ultimate Work-Life Platform"."

During the recent COVID-19 crisis, there has shown up a huge impact affected on both the economic and social sectors, as well as a rapid change in technology trend which continually happened as disruption. By that, Individuals and organizations have to adjust themselves according to the changes that have occurred. According to the adaptation, developing people and creating learning lessons are area where many organizations have turned to focus on and placed more attention to; since any changes happened in the organizations, it always starts from "people". Therefore, Upskill and Reskill are considered to be valuable factors which help the organization be transformed and successful. This makes EdTech, in the field of professional learning, runs on a watch list. For example, in case of Conicle, it can figure out whole processes of the organization's personnel development. Originally, it focuses only on training; however, it has shifted to a digital platform that enables more forms of learning to be able to store and utilize information, connect with other systems and have a security system which is recognized by the organization. In addition, it helps build engagement among employees to promote better internal communication as well as drives changes within the organization efficiently, plus develop employees' skills to get along with the digital transformation which widen the future work opportunities.

Another invester, Mr. Krating Poonpol, Managing Partner of 500 TukTuks and Founder of StormBreaker Venture commented on the EdTech market's growth potential that: "We think that "EdTech" investment market is a large market which has high investment value globally. This can be seen from all government agencies and private institutions that they give their attention to technologies which elevate the potential of the country's citizen. Since, we believe that, in the future, 35% of the original skills will become unusable in the workplace. For example, if we are working in the finance industry, 47% of the skills will become unusable; however, technologies will influence future teaching and learning such as VR/AR, 3D printing in makers teaching, sensors and networks, and AI."

"Within the next 3-5 years, more than 47% of the work will be replaced by robots. This means that the work is almost half gone; AI, robotics will become the basis of digital disruption waves. Inequality will expand even wider, and the knowledge about technology will become even more distant. Therefore, Reskilling is the solution, because if there is no self-improvement within the next 3 years, definitely to live a life will not be that easy at that time. Therefore, if including all personnel in Thailand, 67 million people, to reskills, then investing with Conicle will be an important part in creating change."

Furthermore, Dr.Nopporn Ruangwanit, Director of Integrated Bachelor's and Master's Degree Program in Business and Accounting, Thammasat University, one of the investors of Conicle, in the Series A round, added that: "In future education, technology will become the main factor that drives the learners' lessons in all dimensions, which will not just be learning in the classroom or in the online platform; however, it will be including in the whole learning processes, which are exchanging, doing and measuring results in a consistent way. The data represented will be a guideline that help analyze and recommend what learners should study as well as what way of development suits the learners' potential most. Therefore, I think that Conicle has a great opportunity to transform education through the following direction."

For this reason, Conicle is presented as a Thai EdTech which has potential in joining a competition in the regional level as well as gaining the confidence from leading enterprise customers as a high-quality learning platform equivalent to a world-class platform. According to its quality, the key success factor is to try to understand the customers, User-Centric, in developing products and services. Nevertheless, the next step of the Conicle is to move its business to the next level by continuously responding to the needs of users, creating unique strengths and building long-term competitiveness to further expand its success in Thailand and creating new opportunities abroad.

About Conicle
Conicle, a digital learning platform and solution, "Learning Experience Solution", helps develop the employees' potentials on Reskill / Upskill for your organizations to transform and move forward effectively by the capabilities of personnel in the organization (Learner's Competency), with a learning platform at anytime and anywhere via Website and Mobile Application with online courses taught by experts specifically for Professional Skills. Importantly, it is more beyond than a normal online courses as the learning experiences gained by the courses are happened to have interaction between learners and instructors. Also, there is a comprehensive measurement of the learner's performance, which evaluates all points for individual and business. It is flexible, easy-to-use, and has high level of security which the organization accepted.
For more information, visit www.conicle.com

About InVent
InVent is a corporate venture capital arm of Intouch Holdings PLC (SET: INTUCH), an asset management and investment company in telecom, media and technology. Also, a pioneer investor since the starting days of the tech startup ecosystem in Thailand.

At the moment, with alliance partners across Thailand and Asia Pacific region, InVent is committed to work closely with the founders and leverage its resources of expertises, infrastructure and network to help them access the markets, scale the business, uplift tech startup and innovation for Thai society. InVent focuses on various investments including, telecommunication, IT infrastructure building, digital lifestyle, Cloud computing artificial intelligence and 5G Technology, Cyber Security, Smart City, and other Smart Solutions. Since 2012, InVent has invested in more than 20 startups covering a wide range of industries and technologies. For more information, visit www.inventvc.com

Source: Conicle