Monthly Update For Investors And Potential Investors

Date: 25th October 2024

Dear Investors and Stakeholders,

I’m excited to share some exciting milestones and developments at Readrly as we continue to push forward with our mission to transform literacy education in primary schools.

Investment Progress

We’re pleased to announce that initial investment has begun coming in, marking a significant step forward in securing the resources needed for our growth. This initial funding will enable us to develop our reading app, kick start our operations and expand our outreach to educational institutions across the UK.

Pilot School MOUs

We are on the verge of formalising partnerships with key pilot schools, with MOU agreements expected to be signed soon. Our recent meetings with these schools have gone well, indicating strong support and enthusiasm for our AI-powered reading solution. These partnerships will provide us with valuable insights and direct feedback from educators, helping us tailor Readrly to meet the practical needs of schools.

Partnerships with Key Educational Organisations

We are joining the following organisations: National Literacy Trust (NLT), British Educational Suppliers Association (BESA), UK Literacy Association (UKLA), and the Association for Learning Technology (ALT). We are also working on partnering with the Education Endowment Foundation (EEF), BookTrust, and Teach First – Teacher Training and Resource Networks.

Upcoming Event with Key Educational Decision-Makers

Next month, I will be attending an influential event featuring headteachers and private school owners. This event provides a strategic opportunity for Readrly to connect directly with individuals responsible for software purchasing decisions within their schools. Engaging with these decision-makers will enable us to showcase Readrly’s unique value and increase our penetration within the school market.

ICML Keynote on AI-Driven Grading Systems

This week, I delivered a keynote speech at the International Conference on Machine Learning and Artificial Intelligence, exploring the potential of large language models (LLMs) to transform grading. In this presentation, I highlighted the need for scalable, fair AI solutions that reduce human bias and streamline assessment through structured rubrics and automated reviews.

Potential Board Expansion

To further strengthen Readrly's development and future scaling efforts, particularly with an eye on the US and Canadian markets, we are exploring the addition of seasoned industry experts to our board. These individuals will bring extensive experience in business transformation, education technology, and scaling into new markets. Their insights will be invaluable as we aim to take Readrly to international audiences.

Thank you for your continued support and belief in Readrly's vision. Together, we are on the path to creating a lasting impact in the world of literacy education.
‍
Warm regards,

Oluwole Fagbohun
Founder & CEO, Readrly

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