Sri Lankan STEM education startup MagicBit raised $ 120K from Angel Fund

MagicBit, an easy-to-use STEM education platform, has raised $ 120,000 in a pre-seed financing round led by Sri Lanka’s Angel Fund.

In this round Devka Randenia (Chief Revenue Officer, WSO2), Hasit Yagahita (CTO, 99x), Mano Sekaram (Founder / CEO, 99x), Dr. Hyperion Ventures and Avarna Ventures were also involved along with five angel investors including Romesh Ranavana (Founder / CEO, 99x). Founder / CEO, Enterprise Machine Learning Ltd.), and Roshan Rajappa (Head of Operations, Sydney).

Magicbit allows students under the age of 10 to create inventions using technologies such as the Internet of Things (IoT), robotics, programming, electronics, and artificial intelligence.

Speaking about the company, Migara Amitodhan, co-founder and CEO of Magicbit, said,

“MagicBit aims to make STEM education easy, accessible and affordable for children around the world. Our goal is to fill the void created by BBC micro: bit and Raspberry Pi. We’ve created hardware, software, mobile apps and free content. An innovative ecosystem. In addition, we’ve built a community of over 5,000 STEM enthusiasts. With Magicbit, a 10-year-old can create an IoT project in 10 minutes. “

With the support of the Angel Fund and the funds raised, the MagicBit team plans to take their award-winning platform to the global market. The platform recently concluded a successful kickstarter campaign that reached customers in more than 30 countries.

Commenting on the investment, Chandi Dharmaratne, President, Lanka Angel Network, said,

“We are delighted to be leading this round of investments in MagicBit. As our second investment this year, we are really excited about the promise we have seen in MagicBit’s business model and we see a huge opportunity for the company to reach the global market. We’re looking to increase our investment in startups that have great potential globally. “

The Angel Fund was established by the Lanka Angel Network (LAN) with the support of ecosystem development partner Ford Foundation, with the aim of accelerating the growth of the Sri Lankan startup sector.

Roshan Rajappa, Head of Operations at Sydney, also commented,

“I am very excited to partner with MagicBit’s founding team and look forward to bringing this innovative tool to more and more users globally. I would love to see the important role of MagicBit globally in STEM. This is the first time I’ve seen the importance of providing leadership and guidance. With these experiences, I hope I can provide my vision for the future of MagicBit. “

MagicBit was one of three local startups that were offered an sponsored 8-week program to explore European markets from Berlin at the AsiaBerlin Summit 2021. In addition, the company is set to represent Sri Lanka in the Entrepreneurship World Cup (EWC) 2021, where it will compete with other national winners from 200 countries.

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About the author

Author: Stephen Soluni

No longer a student, but loves to learn. Not the teacher, but take care of how the students are taught. Not a teacher, but I want everyone to be educated. Not a social worker, wanting to see change. Not a reformer, but always wants to see a better world. The author believes that only good education can lead to a better future, a better world and much more in the field of technology.

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