CE-Ventures Funds AI-Powered Knowledge-Cloud Solution, EdCast

MAGNiTT News 1 year ago - Thu, Jan 10, 2019, 6:00 AM

CE-Ventures Funds AI-Powered Knowledge-Cloud Solution, EdCast
Author: MAGNiTT

By Press Release


With its Knowledge Cloud platform, EdCast has garnered $33.6 million in investment from Softbank, REV Venture Partners, London Fund and CE-Ventures, among others, and is expanding operations in the MENA region.

 
Dubai, United Arab Emirates, January 9, 2019: CE-Ventures, the corporate venture capital platform of UAE-headquartered global conglomerate Crescent Enterprises, announced that it has invested in EdCast, the Silicon Valley-based company known for its AI-powered Knowledge Cloud solution.

EdCast is leading a global shift to the cloud in helping enterprises transition to AI-powered learning solutions. As knowledge workers struggle with unified discovery and access challenges across many content sources from multiple cloud applications, EdCast’s AI- and machine learning-powered platform recommends and presents content directly in the flow of work. The Knowledge Cloud platform provides AI-powered contextual content integrated with leading business applications such as Salesforce, ServiceNow, Slack and Microsoft Office 365 that are used by over two billion employees worldwide.

EdCast closed $33.6 million from investors that include Softbank, REV Venture Partners, The London Fund, Mistletoe and CE-Ventures, among others, with participation from previous investors, including SSGA, Stanford University and Cervin Ventures.

Tushar Singhvi, Director of CE-ventures said of its investment in EdCast: “We are keen to identify and support promising emerging technologies. Since its founding in 2013, EdCast has managed to attract many Global 2000 and Fortune 500 customers as well as two million paid users across hundreds of companies and public-sector organizations. We are optimistic about EdCast’s potential to universalize its AI knowledge-based operating system for information curation and processing.”

The uniqueness of EdCast’s solution has attracted large customers including HPE, Dell EMC, Schneider Electric, ANZ Bank, Jefferson Health, India’s NASSCOM and the World Economic Forum. The company has also partnered with companies such as edX.org, Regis Group, Cegos, and many others to provide content for EdCast’s ContentExchange, a marketplace for corporate learning content providers used for upskilling by leading global organizations.

“With this funding, EdCast’s focus on providing knowledge and training that is fully integrated in the flow of work is coming to fruition faster than ever,” says Karl Mehta, CEO and Founder of EdCast. “We greatly appreciate the investor support and look forward to continuing expanding our efforts in meeting our customers’ needs and growing worldwide.”

“We are particularly delighted to participate in this revolutionary movement and assisting EdCast’s expansion in the MENA region,” added Tushar Singhvi.

CE-Ventures’ investments target various industries ranging from supply chain technology management, to healthcare, to fintech, to enterprise software, to consumer-focused technologies, to emerging technologies. The company has invested US$61mn in 20 startups and VC funds across the US, MENA and South-east Asia. Recently, CE-Ventures had acquired a significant minority stake in a UAE-based last mile logistics firm, Transcorp. Other investments include Kitopi, the cloud kitchen network, as well as FreshtoHome, the largest Indian meat and seafood e-commerce company.

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