India-based Edtech platform Kyt has raised $5M in a Series A funding round, led by Abu Dhabi's Alpha Wave Incubation (AWI). The round also saw participation from Sequoia Capital, Surge, January Capital, Titan Capital, and other angel investors.
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Founded last year, Kyt is an online-first, global academy for extracurriculars, designed by educators from around the world, in a full-stack model. They offer private and small group online classes for kids.
Alpha Wave Incubation was launched in May 2020 by ADQ, one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s non-oil economy. The $300M fund is located at Abu Dhabi Global Market (ADGM) and is managed by New York's Falcon Edge Capital. The fund aims to target early-stage businesses in India and Southeast Asia, and help these startups set up global or regional headquarters in Abu Dhabi’s Masdar City.
H.E. Mohammed Hassan Alsuwaidi, Chief Executive Officer of ADQ, previously commented, “Nurturing Abu Dhabi’s startup ecosystem will attract entrepreneurial talent, create jobs, and other opportunities, particularly for those working in data science, Artificial Intelligence, and other knowledge-based industries. Alpha Wave Incubation Fund will further encourage Abu Dhabi’s culture of entrepreneurship and help to promote its emerging position as a global innovation hub."
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As a result of the funding from AWI, Kyt will expand its operations to Abu Dhabi and use the city as its regional headquarters for targeting MENA, GCC, alongside other global markets. The startup is also looking to build a team of data scientists, product managers, and engineers located in the Emirate.
Bhavik Rathod, Co-Founder and CEO said, ''With Kyt, we are going beyond the conventional academic learning by building an academy that nurtures holistic and all-round development of children. It is essential to foster children's interests and encourage learning that equips them with creative and real-world skills; thereby molding their individual strengths and making them more confident."
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