(The team working out of its space at WeWork South Station.)
LTG Exam Prep Platform is proving why its "positioned to transform the self-study app space." The MIT-spun startup announced Thursday it's raised $3 million in a Series A round, led by the TAL Education Group, Atlas Venture, the Yongjin Group, the Zhen Fund and former co-owner of the Los Angeles Dodgers Jamie McCourt, according to TechCrunch.
The company, founded in 2012 by MIT Sloan graduate Elad Shoushan, powers Prep4GMAT, an app available in the App Store and on Google Play that helps aspiring MBAs study on the go. And although other similar apps exist on the market, such as GMAT Connect, LGT's secret sauce is its patented Label Study Method.
While students are studying, the app will highlight words in practice questions that relate to the concepts being tested. As Shoushan explained to TechCrunch, "Highlighting the words teaches students to recognize patterns through visual cues and keywords."
Prep4GMAT also features an adaptive algorithm, that can help users pinpoint the areas they need to improve in. As students progress, they can check to see where they stand using the app's GMAT score estimator. If the score isn't high enough and extra help is necessary, users can then connect with hundreds of certified tutors directly through the app's tutor marketplace.
The newfound financing will allow the company to develop more test prep apps, according to TechCrunch. The site reports "an app for the SAT is in development."
LTG was a finalist in MassChallenge's 2013 accelerator, as well as a semi-finalist in last year's MIT $100K Entrepreneurship Competition.
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