In a recent seed funding round in Dubai, Cerebroz Edutree an ed-tech startup has raised Rs 4.7 crore from various investors. The startup is a manufacturer of a device that is customised with educational information.
Vijay Kantharia, co-founder and chief executive of Cerebroz said, We will use the money to scale up our manufacturing capacity and expand the footprint across Gujarat. We are also the first TV ad replacer with education and we have applied for patent also.
After the launch of the device in the month of July, the company has already received the requests for 1,000 devices. We aim to sell close to 10,000 devices by the end of this academic year, said Kantharia.
Kantharia said, As an underprivileged kid who became a scientist in the US, I aptly knew the importance of education in my life. As a return gesture I have always wanted to contribute to the education system but having the fear of losing out on my successful career, I hesitated for some time to start up, but eventually did it as it was something I always wanted to do.
The startup has been exempted from taxes for next three years period as they are contributing towards education sector. Also, Centre Startup India initiative also awarded this start-up as one of the innovative startup in India.