MUMBAI: Math learning platform Bhanzu on Monday said it has raised USD 16.5 million in a funding round from Epiq Capital and Z3Partners, among others.

Existing investors Lightspeed Ventures and Eight Roads also participated in the round, the company said in a statement.

The company is present in India, the US, the UK and the Middle East, and seeks to eliminate math anxiety and build confidence among students through interactive group sessions to help them succeed in science, technology, engineering and maths fields.

It can be noted that the funding announcement comes at a time when the going has been tough for the edtech sector, with a slew of companies finding it challenging to raise funds or deliver on business targets.

Neelkantha Bhanu, the founder and chief executive of the company, called it a significant milestone for the entity which underscores its strong market position and will be of help in business expansion.

"The US math education market has significant potential, but it is dominated by large, billion-dollar companies that have not innovated their curricula or effectively embraced technology. This gap creates a significant opportunity," Bhanu, who claims to hold a record in the discipline, added.

The statement said, the company has achieved a positive cash flow since its last funding round.

Chinmay Katdare, the partner or Epiq, which led the current funding round, said the company has evolved into a global math education platform using its pedagogical approach combined with the use of advanced AI over the last 18 months.