Photomath, the popular mobile app that helps you solve equations, has raised a $ 23 million Series B funding round led by Menlo Ventures. The application is a mass consumer success, and chances are you may already know about it if you have a teenager at home.
The application lets you point your phone’s camera at a math problem. It identifies what has been written and gives you a step by step explanation to solve the problem. You might think that this is the perfect app for lazy students.
But there are many different use cases for photomaths. For example, you can write an equation in your notebook and use Photomath to draw a graph.
Typing an equation on a keyboard is quite difficult. This is why narrowing the gap between the physical world and your smartphone is the key to the success of Photomath. You can just grab a pen and write something on a piece of paper. Essentially, it is an AR calculator.
GSV Ventures, Learn Capital, Cherubic Ventures and Goodwater Capital are also participating in today’s funding round.
There is an interesting story behind the success of the app. Photomath was originally designed as a demo app for another company called MicroBlink. At the time, the team was working on the text recognition technique. It planned to sell its core technology to other companies that might be useful.
In 2014, he pitched MicroBlink at ClearTips Disrupt in London. And things changed drastically overnight as Photomath reached the first position of the iOS App Store.
Photomath has now attracted over 220 million downloads. As of this writing, it is still # 59 in the US App Store, one rank above Tinder. Other companies tried to make it competitive, but it seems they do not manage to crush small European startups.
The application seems even more relevant as many children are spending more time studying at home. They simply cannot raise their hands to call the teacher for some help.
Photomath is free and users can optionally pay for Photomath Plus, a premium version with more features, such as dynamic pictures and animated tutorials.