Will Italy produce the next Edtech unicorn?:
Futura, an AI-powered education company, announced today that it raised €14 million in Series A funding. Eurazeo led the round, with United Ventures and Axon Partners Group participating. The funding will accelerate Futura’s mission to make the world learn faster.
Futura was founded in 2020 by Andrea Chirolli, Francesco Salvatore, and Lorenzo Pinto. The company developed an algorithm that personalizes and thus optimizes students’ learning trajectories, replicating the experience with a highly skilled private professor. This gave impressive results, with students experiencing a 3.5 times higher chance of passing tests.
Since raising €1.8 million in 2022, Futura had a steep growth, with revenues tripling yearly, while achieving profitability. With this newly acquired funding, the company aims to expand throughout Europe and develop new business lines, with the goal of being the next Italian unicorn.
A new way of learning:
Futura’s mission is built around the fundamental belief that current education methods are outdated and too slow for the potential of modern technology. The company sees AI as a new paradigm shift for edtech, enabling personalisation at scale and at a cheap price, thus democratizing education.
They believe they’re well-positioned to deeply impact education with the use of AI, and that their product will help the next generation to multiply their learning speed. Their algorithm helps students by selecting the next action for them that optimizes their study method. On top, it automatically answers the student’s needs, making helping customers more efficient and faster. To support students even further, Futura developed “Alice”, an AI virtual tutor who uses large language models to generate custom explanations and learning materials, tuning them to the level, knowledge, and style of the student.
Next 24 months:
Futura plans to use the acquired funding to further invest in its technology and AI, expand into new business lines and grow its team across Europe. The company is particularly focused on hiring in Italy and Spain and plans to double its team size within the year.
Talent is essential:
The company prides itself on a highly selective hiring process, with an acceptance rate of just 1%. According to the founders, the company’s popularity is driven by a unique combination of a warm and welcoming office culture with a strong focus on personal growth and performance.
Futura believes that a global reach is key to attracting top talent. The startup explicitly targets international hires, with their Dutch COO joining the team in Italy two years ago and many of the newly incoming business leads being Italians who have lived throughout Europe. The company believes that foreign hires bring diverse skills and perspectives to the table and that individuals with international experience often possess an entrepreneurial mindset that is vital for success.
´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. Manuel Monge, Investment Manager at Axon Partners Group
´We have a strong proven track-record on growth, but what really 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 with each other. I strongly believe these two go hand in hand, and this is what makes us attract top talents. ` Andrea Chirolli, co-founder at Futura.
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