Byju’s (Think & Learn Pvt. Ltd) has acquired Osmo, a maker of educational games, for $120 million in its first-ever purchase of a US company.
Bengaluru, 17 Jan, 2019. RedNewswire/-
Osmo was founded in 2013 by two former Google engineers, Pramod sharma & Jerome Scholler. California-based Osmo has about 60 employees, uses augmented reality and artificial intelligence to bring physical toys into the digital world.
It allows any object like pen & paper, blocks or toys to interact with an iPad, iPhone or Amazon Fire camera. Its backers include Accel Partners and Mattel Inc. with the start-up so far attracting more than 1 million US households.
The acquisition will help Byju’s offer learning solutions to children aged between three and eight by tapping into Osmo’s physical-to-digital technology and content.
Prior to its acquisition, Osmo had raised $32.5 million in outside funding, the last of which arrived in a $18 million Series B round. Mattel, Accel, and Upfront Ventures, among others, are investors in Osmo. The company will continue operating as a separate brand of hardware and software products after the transaction is complete, according to a statement from the company.
“Osmo makes learning more effective and engaging, which is very important with younger children,” Byju Raveendran, Byju’s founder and chief executive officer, said by phone. “It takes us into a new age demographic of younger kids as well as fitting into our plans for a bold global expansion.”
“Our partnership with Osmo will help kids acquire love for learning at an early age by introducing ‘play-based learning’. Together with Osmo, we have the critical elements needed to build an unprecedented library of engaging and entertaining educational content for a global pre-K-12 student audience,” Raveendran said in a statement.
“We started Osmo for parents looking for a way to combine physical, hands-on play with the power of digital platforms to foster a love of learning,” Osmo co-founder and chief executive Sharma said.
Osmo CEO Pramod Sharma, who founded the start-up with Jerome Scholler, will both remain with the company.