- Readlee will become Paper Reading
- Last year, Paper secured $270 million in Series D financing
- Its backers include Sapphire Ventures, SoftBank, Institutional Venture Partners, Salesforce Ventures, Framework Venture Partners, Bullpen Capital, Reach Capital, BDC Capital and Red House Education
Paper has acquired Readlee, a Cambridge, Massachusetts-based learning tool that uses artificial intelligence and speech recognition technology to help students improve their reading skills. No financial terms were disclosed.
Based in Montreal, Paper is an educational support system (ESS). It reports supporting more than three million students in over 300 unique school districts across more than 40 US states and Canada.
Readlee will become Paper Reading, the addition of which is part of Paper’s ESS, which aims to help students throughout their academic journey and after graduation, regardless of their preferred path.
“This acquisition reflects our commitment to providing the academic support that empowers students throughout every stage of their learning journey,” said Philip Cutler, co-founder and CEO of Paper, in a statement. “Improving literacy proficiency is an essential component of our mission, and we believe research-backed technology and repeated practice are the keys to addressing the mounting literacy crisis.”
Last year, Paper secured $270 million in Series D financing. The round was led by Sapphire Ventures and SoftBank, with participation from Institutional Venture Partners, Salesforce Ventures, Framework Venture Partners, Bullpen Capital, Reach Capital, BDC Capital and Red House Education.