Anoto Group AB (publ) (“Anoto” or the “Company”) announced that the Company has raised USD 3 million for its US based education subsidiary Knowledge AI Inc (“Knowledge AI”).
On November 1, 2019, Anoto announced that Solt Works Co Ltd (“Solt Works”), an ICT Company listed on Kosdaq, had indicated its interest to invest USD 3 million in Knowledge AI subject to completion of satisfactory due diligence.
Following the successful due diligence, Anoto has today completed the investment from Solt Works of USD 3 million for a 16.667% stake in Knowledge AI.
“We are glad to finalize this investment with a strategic partner such as Solt Works. This investment will help us meet the continuously increasing demand for KAIT, which has grown more rapidly than we could ever have imagined,” said Joonhee Won, CEO of Anoto.
Anoto and Knowledge AI Inc. have entered into a license agreement under which Anoto grants Knowledge AI a perpetual license to use Anoto technology within the human resources field and medical field, and exclusivity for processing of data produced by products and related software using artificial intelligence within the educational field, in exchange for royalty payments. Knowledge AI will also buy pens from Anoto under a supply agreement entered into between the two companies.