“As an institution whose mission it is to improve lives through learning, we understand the potential Querium has to change the world through education,” said Stewart Thornhill, executive director of the Zell Lurie Institute, which houses the Social Venture Fund. “The Social Venture Fund has done an excellent job of selecting a company with a bright future and the capacity to expand its place in the market.”
Querium, the Fund’s third direct investment in the education space, helps teens and adult learners master critical STEM skills at their own pace. Recently named by Fast Company as one of “The Most Innovative Companies of 2016: Education,” Querium’s unique Virtual Tutor evaluates student work step-by-step to provide instant feedback and assist in the development of cognitive skills. Students receive real-time grading and coaching that mimic a live tutoring experience through smartphones and tablets as well as PCs, opening up access for students who may not have home computers. Querium collects 20 pieces of data including types of errors made from every step a student enters, enabling teachers to understand exactly where and why students make mistakes so that they may better tailor their lesson plans to provide differentiated instruction. Ultimately, Querium drives significant social impact by improving high school test scores and helping community college students avoid exceptionally costly and burdensome remedial STEM courses.
A team of seven students, led by Wiles Kase, MBA/MS ’18, sourced the deal and conducted in-depth due diligence on the company. The Fund’s rigorous deal sourcing process began with consideration of applications for funding from more than 150 companies; companies selected for due diligence then participated in the fund’s months-long process, which included analysis of their products’ effectiveness, markets, financials and social impact. “Leading a team of talented, experienced peers was an invaluable learning opportunity; the due diligence team challenged my analytical assumptions and forced me to evolve as a leader, and I emerged stronger for it,” said Kase. “I also learned what it takes to fully understand every inch of a young company—what questions require answers, what questions can’t be answered and where an investor can and cannot work with ambiguity.”
The team determined Querium would be a strong investment for the Fund due to the company’s impressive technology, dynamic management team, and potential to improve test scores and minimize the burden of remedial STEM coursework. “Founder Kent Fuka and his team bring an impressive more than 40 years of experience in the education space, disruptive energy to challenge traditional STEM education, and a passion to work with the students on Michigan’s Social Venture Fund. Querium is an ideal investment for the Fund,” said Aysha Malik, MBA ’17, part of the due diligence team.
“Given Social Venture Fund’s mission, this investment is a strong validation of the work Querium is doing to help students hit their STEM education milestones and start college on the right foot,” said Kent Fuka, founder and CEO, Querium. “We’re proud to have been selected for investment and are looking forward to working with the Social Venture Fund team and helping more students find success as we grow our company.”
About the Social Venture Fund
The Social Venture Fund is a leader in university-based impact investing, with several active investments. The Fund’s previous investments include Conversa Health, Powerhouse Dynamics, LearnZillion, Mytonomy, Loveland Technologies, and Jack and Jake’s. To learn more, visit www.umsocialventure.com.
About the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
The Institute and its Center for Venture Capital and Private Equity Finance bring together an impactful combination of deep-seated knowledge, enriching experiences and strategic opportunities from the front lines of entrepreneurship and alternative investment. Students’ learning experiences are further enhanced through internships, entrepreneurial clubs, business competitions and campus-wide events that foster valuable networking and engage the business community. The School’s four student-led investment funds, with over $7M under management, immerse students in the entrepreneurial business sourcing, assessment and investment process. Founding Zell Lurie advisory board members include Samuel Zell, chairman of Equity Group Investments, and Eugene Applebaum, founder of Arbor Drugs Inc. For more information, visit the Institute’s website at www.zli.bus.umich.edu.
About Querium Corp
Querium was founded in January 2013 to help teens and adult learners master critical STEM skills, enabling them to achieve their college and career goals. Designed for digital natives, our patented products deliver personalized, bite-sized lessons with expert system, step-by-step tutoring assistance that motivate learners to succeed. Users write math steps by hand on mobile devices for instant feedback 24/7. Querium licenses its cloud-hosted, artificial-intelligence (A.I.) software products to online learning solution providers. www.querium.com.