ByteXL Secures $5.9 Million in Series A Funding Round
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On Thu, 18 Jul, 8:01 AM UTC
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Edtech start-up byteXL secures $5.9 million in Series A round
Edtech start-up byteXL has secured $5.9 million in a Series A funding round led by venture capital firm Kalaari Capital along with the Michael and Susan Dell Foundation. The new capital will be used for team expansion, product development, introduction of new digital tools and technologies and outreach to more colleges and universities across the country, byteXL said in a release. "The funding will boost our confidence in empowering engineers of tomorrow with cutting-edge skills and technologies and help us bridge the gap between academia and industry at a faster pace," CEO and co-founder Karun Tadepalli said. byteXL has partnered with atleast 26 colleges and universities across India, training more than a lakh student in various software technologies, including programming, emerging technologies like cybersecurity, full stack development and cloud technologies. It recently announced a collaboration with Microsoft to introduce a new B.Tech CSE course in Artificial Intelligence and Machine Learning, designed to meet current industry demands. Read Comments
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byteXL raises $5.9 m in Series-A round
Edtech startup byteXL has raised $5.9 million in Series A funding, led by Kalaari Capital and the Michael and Susan Dell Foundation. byteXL said it would use the funds to expand its team to support its expanding operations to improve the existing products and develop new digital tools and technologies. "We will also forge partnerships with more colleges and universities across the country," Karun byteXL CEO and Co-Founder Karun Tadepalli has said. "We're not just teaching coding. This funding will boost our confidence in equipping young engineers with latest skills and technologies. It will help in bridging the gap between academia and industry at a faster pace," he said. The platform has collaborated with over 26 colleges and universities, providing training in latest software technologies to more than one lakh students. This has resulted in improved placement rates and increased student enrollment for partner institutions, he said. The startup recently collaborated with Microsoft to introduce a new B.Tech CSE course in Artificial Intelligence and Machine Learning, designed to meet current industry demands. Also read: Icanheal raises ₹15 crore in seed round funding from IvyCap Ventures SHARE Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on July 18, 2024
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Edtech startup ByteXL bags $5.9 million funding in round led by Kalaari Capital
The Michael and Susan Dell Foundation participated in the round. The funds will be used to expand the team, speed up product development, roll out new digital tools and technologies, and reach out to more colleges and universities in India.Edtech firm ByteXL has raised $5.9 million in a funding round led by early-stage venture capital firm Kalaari Capital as the lead investor, along with the Michael and Susan Dell Foundation. The funds will be used for expanding the team, advancing product development, rolling out new digital tools and technologies, and expanding outreach efforts to more colleges and universities across the country. Founded in 2020 by Karun Tadepalli and Sricharan Tadepalli, the Hyderabad-based company partners with colleges and industry to integrate curriculum, content, and practical learning for engineering students. The company provides training in various software technologies including programming, emerging fields like cybersecurity, full stack development, cloud technologies, etc. "This funding will boost our confidence in empowering engineers of tomorrow with cutting-edge skills and technologies and help us bridge the gap between academia and industry at a faster pace," said chief executive Tadepalli. ByteXL has so far partnered with over 26 colleges and universities across India. The company claims to have trained more than 100,000 students. Recently, ByteXL partnered with Microsoft to introduce a new BTech CSE course in artificial intelligence (AI) and machine learning (ML). On July 15, ET reported that new positions for data analysts, AI specialists and ML engineers have risen by 100% year-on-year (YoY), across both entry-level and experienced roles. Commenting on the investment, Sampath P, partner at Kalaari Capital, said, "Engineering schools in India and other markets are evolving to maintain high standards of curriculum, pedagogy and industry readiness in technology disciplines that are rapidly evolving. This need, accelerated by rapid progress in AI, is a critical problem to solve to enable students to succeed in the next generation of technology jobs." "ByteXL is transforming the teaching and learning of engineering colleges in India. By bridging the gap between academia and industry, it is set to make a significant impact on the lives of students in tier II and tier III cities," said Sanjay Modi, senior director at the Michael and Susan Dell Foundation.
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ByteXL, an Indian edtech startup, has raised $5.9 million in a Series A funding round led by Kalaari Capital. The company plans to use the funds for product development and market expansion.
ByteXL Raises Significant Series A Funding
ByteXL, an emerging player in the Indian edtech landscape, has successfully secured $5.9 million in a Series A funding round 1. The funding round was led by Kalaari Capital, a prominent venture capital firm known for its investments in technology-driven startups 2.
Investors and Funding Details
In addition to Kalaari Capital's lead investment, the funding round saw participation from other notable investors. Sparrow Capital, a venture capital firm focused on early-stage investments, joined the round alongside several angel investors 3. This diverse mix of investors signals strong confidence in ByteXL's potential and business model.
Company Background and Offerings
Founded in 2019 by Karun Tadepalli, ByteXL has positioned itself as an innovative edtech startup focusing on experiential learning in emerging technologies 1. The company's primary offerings include courses in cutting-edge fields such as Artificial Intelligence, Machine Learning, Data Science, and Cloud Computing. ByteXL's approach emphasizes hands-on experience and practical skills development, aiming to bridge the gap between academic learning and industry requirements.
Expansion Plans and Fund Utilization
With this fresh influx of capital, ByteXL has outlined ambitious plans for growth and development. The company intends to allocate the funds towards several key areas:
- Product Development: A significant portion of the funding will be directed towards enhancing and expanding ByteXL's product offerings 2.
- Market Expansion: The startup aims to strengthen its presence in existing markets and explore new geographical territories 3.
- Team Expansion: ByteXL plans to grow its team, particularly in the areas of technology and sales 1.
Industry Context and ByteXL's Position
The funding comes at a time when the Indian edtech sector is experiencing both challenges and opportunities. While some major players in the industry have faced setbacks, ByteXL's successful funding round indicates that investors still see potential in innovative edtech models. The company's focus on experiential learning in emerging technologies sets it apart in a competitive market 2.
Future Outlook
ByteXL's leadership expressed optimism about the company's future trajectory. Karun Tadepalli, the founder and CEO, emphasized the startup's commitment to delivering high-quality, industry-relevant education in technology fields. The backing of established investors like Kalaari Capital is expected to provide not just financial support but also strategic guidance as ByteXL enters its next phase of growth 3.
Reference
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