6 Bit Education Secures £800,000 Funding for Growth
6 Bit Education, an innovative provider of an educational technology platform based in Birmingham, UK, has recently achieved a significant milestone by raising £800,000 in funding. This financial backing has been secured from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and represents a part of the Midlands Engine Investment Fund. Additional contributions to this funding round have also come from Mercia’s EIS funds and various angel investors who are passionate about the potential of educational technology. With these vital resources at their disposal, 6 Bit Education is well-positioned to enhance its operations and pursue its ambitious goals.
The firm intends to utilize this new funding primarily to expand its team, with plans to create two new jobs that will support its growth.
Furthermore, the investment will enable the development of additional features for their platform, Graide. Co-founded by Robert Stanyon, Manjinder Kainth, and George Bartlett, 6 Bit Education has created Graide, a sophisticated software platform designed to streamline the grading process for maths and science papers. Targeting higher education institutions, the platform is versatile enough to evaluate both coursework and exam papers within the 'STEM' fields. One of its standout capabilities is its ability to assess not just the final answers but also the workings behind them, providing a comprehensive evaluation of student performance.
At the core of Graide's functionality is a powerful integration of artificial intelligence, which adeptly learns the marking styles of individual assessors. This innovative feature ensures that educators do not need to revisit the same answer more than once, greatly reducing the workload associated with grading. As assessors navigate through each paper, Graide automates an increasing amount of feedback, thereby enhancing efficiency in the assessment process. Moreover, as part of this latest investment round, Mercia has introduced two EdTech specialists from its Non-executive Director Network to guide the company. Andrew Doyle has taken on the role of Chair, while Tony Austwick joins as an adviser. Both individuals bring a wealth of experience in early and growth-stage technology companies as well as a deep understanding of the education sector, positioning 6 Bit Education for greater success in the future.
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