Freewheelin

About Freewheelin

Freewheelin is a South Korean educational technology firm, established in 2016 and officially incorporated in 2017, that operates a suite of AI-driven learning solutions. The company was founded by CEO Kwon Soon-sung (also referred to as Ki-Sung Kwon or Kiwung Kwon), who aimed to bridge the gap between private and public education by providing tools for personalized learning. The firm's financial trajectory shows robust health, having achieved profitability early on and demonstrating an average annual revenue growth of 62%.

Freewheelin has secured significant financial backing, raising a total of $10.9 million over two rounds. A Series A round in February 2021 brought in $5.56 million from DSC Investment and Altos Ventures. This was followed by a Series B round in July 2023, which raised $5.37 million, led by Smilegate Investment and including participation from KB Securities, Woori Venture Partners, and existing investors. The company's performance has earned it multiple accolades, including being named a 'Baby Unicorn' by the Ministry of SMEs and Startups in 2022 and a 'Global ICT Future Unicorn' by the Ministry of Science and ICT in 2023. In April 2024, TIME recognized Freewheelin as one of the 'World's Top EdTech Companies'.

The company's core business model is a subscription-based SaaS platform targeting educational institutions. Its flagship product, Mathflat, is a comprehensive B2B solution for math teachers in academies and schools. Mathflat provides a massive, copyright-secured question bank with over 820,000 math problems, allowing educators to create customized worksheets, homework, and textbooks that align with commercial textbooks and student performance data. The platform uses AI to analyze student weaknesses, manage incorrect answers, and generate tailored review materials, boasting a user satisfaction rate of 98.6% and a repurchase rate of 98.2%. Building on this success, Freewheelin launched Schoolflat, an AI-powered courseware tailored for the digital learning environments in public schools, and Pulley Campus, which provides diagnostic assessments and supplementary course materials for university students.