Spotlight: AI in Education (continued)
The responsible deployment of Artificial Intelligence (AI) in education has remained top of mind for us at Rethink Education throughout the beginning of 2024. Our team continues to monitor new advancements, engage in thoughtful discussions with fellow investors, entrepreneurs, and academics, and continuously learn so that we can best prepare ourselves for (as our Managing Partner Matt Greenfield calls it) – the arrival of the tsunami.
In February, Matt published an OpEd in ImpactAlpha comparing the rise of generative AI to a tsunami in the open ocean before it reaches shore – while daunting, there’s still time to equip ourselves with the proper tactics and information to mitigate the harm and maximize the benefit of this evolving set of technologies. As Matt put it, “I don’t think anyone knows what capabilities AI will have 20 years from now. Nor does anyone know how much the jobs of human beings will change. But I can offer suggestions on how impact investors and entrepreneurs can help prepare us all for the arrival of the tsunami.” Matt shared four suggestions: spread awareness of AI bias; use AI as a catalyst for efficiency, not a replacement for teachers; rethink the existing school curriculum; and build a defensible solution. Read more.
“As an impact investor and co-founder of education technology business, I am most interested in education AI businesses that intend to transform our entire system of education and training rather than streamlining one small part of the current system. I hope that you will join me in attempting to use AI as a lever for moving the world in a positive direction.”
Our team’s engagement on the topic of AI and education over the past quarter didn’t end there. We participated on podcasts, panels, and hosted roundtable sessions with fellow investors, entrepreneurs, and other key stakeholders to gain insights on trends.
For example, Partner Ebony Brown went on the EdTechnical podcast to discuss how AI can help teachers streamline processes and improve the student learning experience in K-12. Ebony shared that while we’re seeing a lot of volume on the content creation side, we expect to see more back-office support tools to help relieve the operational burden for teachers, giving them time to focus more on improving student learning. In the long-term, Ebony hopes that “generative AI will help move us toward achieving personalized learning for K-12 students,” an advancement we have begun to see with our portfolio company AllHere’s launch of its new AI tool working to individualize education for students beyond the school day (more on AllHere later).
In Q1 we also launched our new AI x Education Series in collaboration with the Robinhood Foundation. This series brings together AI experts to share cutting-edge research on specific topics and foster meaningful engagement among EdTech founders. Our first session led to an eclectic discussion on topics ranging from how we can build AI products responsibly to ensure its impact on young people is positive and not negative to how we can help policymakers navigate the array of opportunities.
Currently, essentially every company in our portfolio uses generative AI for various purposes, but the adoption of this technology alone is not why we believe they will have a lasting impact on society.
Exits
We’re pleased to report that in January our portfolio company Allovue was acquired by PowerSchool to expand its data analytics capabilities. The integration of Allovue, a leading provider of K-12 financial budgeting and planning software, with PowerSchool, the leading provider of cloud-based software for K-12 education, will provide schools and districts with the most comprehensive K-12 data and analytics tools available, making it easier to handle finances.
As our Managing Partner Matt Greenfield said, “school districts are going to finally be able to move from older, static systems of record to systems of engagement and systems of intelligence that will allow us to create a more equitable, more effective education system.”
We look forward to seeing Allovue founder Jess Gartner and her team continue to pursue their mission as part of PowerSchool.
Portfolio Highlights
Campus announced Shaquille O’Neal is joining as an investor to support their mission to maximize access to world-class education. Check out the interview with Shaq and Campus founder Tade Oyerinde to learn more about his decision to invest and partner with the company.
Wonderschool has acquired EarlyDay, an operator of an early childhood educator marketplace. Staff shortages are severely impacting childcare centers across the U.S. In fact, seven in 10 childcare centers are unable to fully enroll due to challenges in finding qualified staff. Leveraging EarlyDay’s capabilities will expand Wonderschool’s ability to address staffing shortages and reduce administrative burnout even further. EarlyDay brings together childhood educator job seekers through its unique proprietary AI technology and unique matching algorithms –making the hiring and job search process faster and easier for both sides.
Ed Machina and MagicSchool AI were named to the GSV Cup 50 list of the most innovative digital learning and workforce skill startup across the world.
Ohai.ai, formerly Proof of Learn, officially launched “O,” its AI virtual assistant created for households navigating everyday care coordination. Drawing on the personal and professional expertise of founder Sheila Marcelo, former founder of Care.com, and her team of parents, entrepreneurs, and technologists, O helps lighten the mental load of family schedule management and task delegation, scanning texts, emails, photos, and other documents to automatically add events to calendars, set reminders, book appointments, and more.
Campus and Orijin we’re named to Fast Company’s list of the World’s Most Innovative Companies of 2024. Campus ranked No. 1 in the education category for building America’s first national online community college that’s creating an affordable alternative to the traditional four-year degree. Orijin ranked No. 4 in the education category for empowering incarcerated individuals to reenter the workforce through its no-cost, evidence-based educational and workforce development programs.
AllHere teamed up with Los Angeles Unified School District (LAUSD), the second largest school district in the country, to launch Ed, a first-of-its-kind learning acceleration AI platform created to provide students with personalized learning plans and resources.
Team Updates
The Rethink Education team kicked off 2024 with a busy schedule of conferences, speaking engagements, events, and exciting new developments.
Our team worked with Impact Capital Managers and Tideline to contribute to the development of the “New Frontiers in Value Creation” report which explores differentiated approaches impact investors can bring to value creation to drive both financial and impact performance. Our case study spotlighting our investment in AllHere can be found on page 56.
Managing Partner Andre Bennin joined fellow education professionals in Monterrey, Mexico for the Institute for the Future of Education (IFE) Conference, where he spoke on panels: “US Investment for LATAM EdTech and “Entrepreneurs Challenges from Investors Point of View.”
Managing Partner, Matt Greenfield, took the stage at SXSW EDU alongside other industry professionals to discuss the rise of venture studios and how this model might be the key to unlocking sustainable growth for EdTech startups. Access the panel recording here.
Managing Partners Matt Greenfield and Andre Bennin and Senior Associate Monique Malcolm-Hay moderated panels at the 2024 Jefferies Online Education and E-learning Summit.
Our parent company, Rethink Capital Partners, was named to the ImpactAssets 50 list for the third year in a row! Rethink Education is honored to be a part of this platform and team.
A Look Ahead
Our team is looking forward to the various exciting events and opportunities on the horizon! Make sure to connect with us at the following events:
- Attending ASU+GSV Summit? Reach out to connect with us there, April 14-17! Make sure to catch Matt on the stage for the following panels: “Breaking Barriers, Building Futures: Accessibility in Innovation” and “Investing in Our Youngest Minds: The Future of Childhood Education.”
- Vote for Rethink Education to take the stage at SOCAP 2024! Our team has submitted two panel sessions for SOCAP Global but we need your help to get there. Please click below to cast your vote for the following sessions by April 14:
- Connect with Monique at London EdTech Week, June 17-21.
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