Lithuanian Turing College secures Y Combinator funding

Lithuanian information science startup Turing College has been chosen for the W21 batch of the Y Combinator, a Silicon Valley accelerator programme.

Turing College is a knowledge science and AI edtech startup that allows college students to study at their very own tempo on a peer-driven distant studying platform. With demand for information scientists ballooning, the Vilnius-based firm hopes to resolve recruitment points by co-creating its curricula with Hiring Partners corresponding to Biomapas and Neurotechnology to make sure college students study the mandatory expertise to get employed.

So far, Turing College has obtained $1.2 million (€0.9m) in funding, together with a pre-seed spherical led by Startup Wiseguys. This funding has enabled them to construct their studying platform and provide programs to learners within the EU. As a member of the Y Combinator programme, the edtech startup obtained a $125,000 monetary injection and a three-month programme to gasoline its scale into new European markets.

WHY IT MATTERS

Y Combinator is a fund accelerator that, twice a 12 months, invests a small amount of cash into numerous startups. Alumni embody Airbnb and Scale AI, in addition to digital pharmacy Truepill and at-home workout service, Pivot.

The W21 Y Combinator batch has 350 startups from throughout 41 nations. For the primary time in its 16 12 months historical past, 50% of the batch are from exterior the US. Turing College is the primary Lithuanian firm to be chosen by Y Combinator.

It launched its second course on 19 April 2021.

THE LARGER PICTURE

Healthcare makes up 12% of the investments within the W21 Y Combinator batch. Other startups embody PipeBio, a Danish bioinformatics platform to develop antibody medicine, Nuntius Therapeutics, a UK-based medtech firm specialising in cell-specific gene therapies, and Blushh, a South Korean sexual wellness audio app for Asian ladies.

In 2019, Vilnius was dubbed a global leader for attracting tech startups. Recently, CGTrader, a market for 3D modelling, obtained $9.5 million (€7.9M) in Series B funding, whereas cash switch firm TransferGo raised €four million from Silicon Valley Bank.

ON THE RECORD

CEO of Turing College, Lukas Kaminskis, mentioned: “We have put in a lot of work in preparation for the Y Combinator selection phase, working hand in hand with customers and growing revenue weekly, so it is an immense honour to be selected, and Vilnius has made it a lot easier for us.”

He continued: “We see that the model we are developing is working. We already have our first programme participant employed. And our data-based recruitment solution is attracting more and more interest from companies looking to partner with us. Joining Y Combinator means we have access to the world’s largest investors, experts and business advisors. For us, it is both a great honour and a responsibility. We are proud to be the first Lithuanian company in the ranks of Y Combinator.”

Mayor of Vilnius, Remigijus Šimašius, mentioned: “Vilnius has been buzzing with startups which make it one of the leading startup hubs in Europe. The global recognition of companies based in the capital is a great achievement for the young entrepreneurs and the city. It shows that our startup support system lays the groundwork for even more outstanding recognitions.”

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