A Google spokesperson confirmed to Reuters that they have entered into an agreement to acquire Photomath in May 2022 and that the purchase is “subject to regulatory review.” EU antitrust regulators have until March 28 to approve the acquisition.
The news was also confirmed by Photomath CEO and founder Damir Sabol. The acquisition cost is yet to be revealed, but it may turn out to be one of the largest takeovers of a Croatian company.
Google believes that Photomath’s technology “enhance its ability to provide better math learning experiences to students, helping to build out Google’s homework help offerings for users.”
It is a free app that serves as a digital math tutor, helping students and parents who are struggling with solving math problems. The problem can be written by hand or by computer, and Photomath uses computer vision and machine learning to recognize and instantly solve math problems ranging from basic arithmetic to more complex differential and integral calculus problems. Along with the solutions, the app provides detailed instructions for each step, explaining to students how to solve the problem and master the mathematical concepts.
Photomath secured $23 million in Series B funding two years ago, led by investment firm Menlo Ventures and with participation from GSV Ventures, Learn Capital, Cherubic Ventures, and Goodwater Capital. They used the investment to increase the number of employees, develop artificial intelligence and machine learning, and scale product development and marketing.
“We were immediately impressed with Damir as the founder of another successful company and his extensive knowledge in the field of machine learning and mobile technologies. When faced with the inability to help his sons with their math homework, he used his experience and expertise to create Photomath and solve the problem,” J.P. Sanday, partner at Menlo Ventures said at the time.
“Given the accessibility of the Photomath app on smartphones, the company is well-positioned to transform the large online tutoring market and bring high-quality learning support closer to students around the world,” Sanday added.