Startup Idea and Innovation of Photomath
Photomath was founded by Damir Sabol and Sasa Skevin to help kids go through their mathematics problems. Sabol, an engineer who sought to help his children with their math homework, worked to develop the platform, along with Skevin.
The main goal of this platform is to help kids and adults alike understand mathematics step-by-step. It is available in more than 200 countries and over 30 languages. Its headquarters are in San Francisco and Zagreb, Croatia.
The application is available on mobile platforms such as iOS and Android. It currently has more than 270 million downloads, making it the most popular math application across the globe.
Startup Timeline and History of Photomath
- 2014 – The company was founded in 2014.
- 2016 – It participated in a seed round where it obtained millions in funding.
- 2018 – The company acquired capital during a Series A early-stage venture capital round.
- 2021 – Its participation in the Series B round resulted in additional funds.
Founder and Key People
- Damir Sabol
Damir Sabol is a co-founder and Chief Executive Officer of Photomath. He was also a founder of Microblink and Iskon, the latter of which was acquired by Croatia Telecom. He obtained his Bachelor of Science degree in Computer Engineering.
His work has been recognized when Photomath received the Netexplo Award in 2015. He also received the Croatian IT Person of the Year Award in 2000. Sabol worked on a project called Startup island Conference in 2013.
- Sasa Skevin
Sasa Skevin is a co-founder and the Chief Information Officer of Photomath. In the past, he served as the Chief Operations Officer of the same company. He also co-founded Microblink and PhotoPay. Other workplaces include InstantCom and Tecuni.hr.
Skevin obtained his Bachelor of Science in Computer Science degree from the Sveuciliste u Zagrebu. Aside from this, he also participated in the ASU GSV Virtual Summit 2020 and has a certification in Introduction to Mathematical Thinking from Coursera.
- Jennifer Lee
Jennifer Lee is the Chief Growth Officer at Photomath, where is formerly filled the role of the Vice President of Strategy and Growth and Director of BD and Growth. Her previous work experience includes working at Kauffman Fellows, Learn Capital, ImpactAssets, and SJF Ventures, just to name a few.
She obtained he Master of Business Administration degree from Harvard Business School and a Bachelor of Science in Chemistry from the Massachusetts Institute of Technology.
Funding Sources and Financial Profile
The company has garnered a total of $29 million in funding through four funding rounds, the latest being the largest at $23 million. It also obtained $3 million during a seed round in 2016, followed by $6 million during a Series A round in 2018.
It currently has five investors namely GSV Ventures, Cherubic Ventures, Learn Capital, Goodwater Capital, and Menlo Ventures. Menlo and Goodwater are lead investors in the Series B and Series A rounds, respectively.
Major Competitors
- Kunduz – https://kunduz.com/en_us/
- Remind – https://www.remind.com/
- Zoobean – https://www.beanstack.com/
- Nearpod – https://nearpod.com/
References:
[2] https://pitchbook.com/profiles/company/159243-31#timeline
[3] https://www.linkedin.com/in/damirsabol/?originalSubdomain=hr
[4] https://www.linkedin.com/in/sasaskevin/?originalSubdomain=hr
[5] https://www.linkedin.com/in/jennifer-lee-34064016/
[6] https://www.crunchbase.com/organization/photomath-inc-2/company_financials
[7] https://craft.co/photomath/competitors
