Assessments are critical in the learning cycle of any student. Online education platforms mostly offer MCQs as the only form of auto-gradable assessments for students. But as online education becomes mainstream, subjective assessments are needed to give the students a way to express their learnings, and gauge their holistic understanding.
Parallely, in the offline world, we mostly see K-12 students doing subjective assessments and MCQs only for competitive exam preparation. It is challenging to grade the descriptive answers at scale as grading itself is a laborious process and it is further more impractical to give detailed feedback for each answer.
Solvio solves both of these problems brilliantly. Solvio is a deep education technology company building the core components for understanding, analyzing, and auto-grading student answers. They use artificial intelligence to understand graphs, geometry, charts, mathematical expressions, and text. Solvio enables education companies to offer blended learning offline-online experience, feedback driven learning, self-learning, and meaningful practice options to their students and not just MCQs. They wrap all the technical complexities and make it really easy for ed-tech companies to integrate their APIs with just 2 lines of code.
The edtech market growing exponentially is estimated to be a USD 400B market by 2025. Solvio is one such company where because of its powerful technology all the stakeholders involved in the education field are potential customers. Be it ed-tech companies, schools, teachers, students, or parents, Solvio is solving a big problem for them. Since people are giving more importance to knowledge acquired rather than the grade, Solvio could play a crucial role in leveraging skill based learning.
Globally, parents were already preferring conceptual understanding over just grading but platforms like this would not only provide grades but would also help them understand more about their conceptual strengths and weaknesses.
The Solvio Thesis
100x was very excited to work with the Solvio team. The founders, Rohit Pentapati and Raviteja Manepalli, bring in a lot of value. Rohit has always aspired to make education accessible and affordable by all and Raviteja is a polyglot who designed and built scalable production engineering systems for banks and insurance companies.
They wished to help teachers, students, and parents and came together to start Solvio. It helps students who find it difficult to write answers on screen in online classes, and parents who seek better feedback on the students’ performance. Solvio is already impacting thousands of students. It not only understands student answers but also provides a detailed analysis report on the students performance. A student/teacher can click a photo or scan the paper and get results instantly. If a student is finding it difficult to write answers on screen, they need not worry! They can easily write their answers on a paper and show it. Solvio would interpret and understand the answer.
Though the company has many direct and indirect competitors, Solvio has proprietary technology and a very competitive pricing. The company works on a B2B SaaS model. They charge a fixed monthly fee for a quota of requests and additional price for every API call.
Solvio also has strong defensible intellectual property in AI trained on millions of data points which causes a barrier to entry in the auto-grading market for its competitors.
With the edtech market seeing exponential growth, Solvio has a great opportunity to build a massively scalable service. Solvio is already in talks with many edtech companies from the USA and India. They have already closed a contract with a New York based ed-tech company.
We are very proud of the progress made by the team and are very excited to see what’s next for Solvio!
Published on: February 16, 2021