Lithuanian College of Thuringia secures funding for Y Combinator
Lithuanian data science start-up Turing College was selected for the W21 batch of the Silicon Valley accelerator program Y Combinator.
Turing College is a start-up in data science and AI edtech, allowing students to learn at their own pace on a peer-to-peer distance learning platform. With the demand for data researchers, the Vilnius-based company hopes to solve recruitment problems by developing its own training programs with hiring partners, e.g. Biomap and neurotechnology to ensure that students learn the skills necessary for employment.
To date, the College of Thuringia has received 1.2 million. USD (EUR 0.9 million) funding, including a pre-seed tour run by Startup Wiseguys. This funding allowed them to create their own learning platform and offer courses to learners in the EU. As a member of the Y Combinator program, the start-up of edtech received a $ 125,000 financial injection and a three-month program to increase its reach in new European markets.
WHY it matters
Y Combinator is a fund accelerator that invests a small amount of money twice a year in many start-ups. Graduates include Airbnb and Scale AI, as well as Truepill Digital Pharmacy and Pivot Home Training Service.
The W21 Y Combinator consists of 350 new companies from 41 countries. For the first time in 16 years, 50% of the party is from the US. Turing College is the first Lithuanian company chosen by Y Combinator.
She started her second year in 2021. April 19
THE LARGER IMAGE
Healthcare accounts for 12% of the investment in the W21 Y Combinator. Other startups include the Danish bioinformatics platform PipeBio for the development of antibodies, the UK-based Medtech company Nuntius Therapeutics, which specializes in specific cell gene therapy, and Blushh, South Korea’s sexual health audio program for Asian women.
2019 Vilnius was named a world leader to attract technology beginners. Recently, CGTrader, the 3D modeling market, received $ 9.5 million. USD (7.9 million euros) of Series B funding, and the money transfer company TransferGo raised $ 4 million from Silicon Valley Bank.
Lukas Kaminskis, General Director of Turing College, said: “In preparation for the Y Combinator selection phase, we put a lot of work into working with clients and increasing our revenue every week, so it is a great honor to be selected and Vilnius has made it very easy for us.”
He continued: “We see that the model we are developing is working. We already have the first participant in the program. And our recruitment solution based on our data is attracting more and more interest from companies that want to cooperate with us. Joining Y Combinator means we have access to the world’s largest investors, experts and business advisors. It is both a great honor and a responsibility for us. We are proud to be the first Lithuanian company in the ranks of “Y Combinator”.
Vilnius Mayor Remigijus Šimašius said: “Vilnius is bustling for beginners, so it is one of the leading start-up centers in Europe. The universal recognition of companies based in the capital is a great achievement for young entrepreneurs and the city. This shows that our start-up support system is the basis for even better recognition. ”