Milan-based Futura, an AI-powered education company, announced on Tuesday that it has raised €14M in a Series A funding round led by Eurazeo. Existing investor United Ventures and new investor Axon Partners Group participated in this round.
Since raising €1.8M in seed funding in 2022, Futura has grown significantly. Its revenues have tripled each year, and it has achieved profitability.
The company’s goal is to become the next Italian unicorn.
Fund utilisation
The funds raised will enable the company to expand its reach throughout Europe and develop new products after initially focusing on medical school entrance test preparation.
The Italian company plans to use the funds to invest in technology and hire in Italy and Spain, with plans to double its team size within a year.
The startup explicitly targets international hires, with their Dutch COO joining the team in Italy two years ago, and any of the newly incoming business leads being Italians who have lived throughout Europe.
The company believes that foreign hires bring diverse skills and perspectives and that individuals with international experience often possess an entrepreneurial mindset vital for success.
Futura: Making high-quality education accessible
Founded in 2020 by Andrea Chirolli, Francesco Salvatore, and Lorenzo Pinto, Futura has developed an innovative algorithm that personalises and optimises students’ learning trajectories.
The company does it through a data-driven approach adapting to students’ individual needs, fully replicating the experience of a highly skilled private professor.
“We have a strong proven track record on growth, but what counts are our people. We set a different standard, and this is what drives our success. Why I love working at Futura: we have a very high bar, and we’re kind to each other. I strongly believe these two go hand in hand and this is what makes us attract top talents,” says Andrea Chirolli, co-founder at Futura.
Futura has developed an AI-powered virtual tutor, Alice, that uses large language models to generate customized learning materials and explanations based on each student’s level of knowledge and learning style.
The investor
Eurazeo is a European investment group with €35B in diversified assets under management, including €24B on behalf of institutional and private clients through its private equity, private debt, real estate, and infrastructure strategies.
“We’re convinced that Futura provides a value-added solution for the entire education ecosystem in Italy. We’re thrilled to partner with Andrea, Lorenzo, Francesco, and the rest of the Futura team, leveraging its unique AI capabilities to build the next education leader in Europe,” says Alexandre Dewez, vice president at Eurazeo.
United Ventures is a venture capital firm that supports visionary entrepreneurs on its journey to transform industries through technology.
“Futura is addressing a massive need through an innovative approach that leverages the latest technologies. We’re excited to continue supporting their vision of reimagining education and helping many more students succeed,” says Paolo Gesess, co-founder & managing partner at United Ventures.
Axon Partners Group is a global investment and consulting firm with €595M in assets under management and over 90 seasoned professionals.
“Very thrilled to announce our collaboration with Eurazeo and United Ventures as part of the remarkable team at Futura. Together, we embark on a journey aimed at establishing Futura as a leading force in European education,” says Manuel Monge, Investment Manager at Axon Partners Group.
Read the orginal article: https://siliconcanals.com/news/startups/italian-startup-futura-raises-14m/
