Canopylab A/S

Development in activities and financial matters
The turnover are DKK 5.031.101. against DKK 1.764.305 last year. The results from ordinary activities after tax are DKK -3.903.041 against DKK -3.086.358 last year. The year 2020 is heavily influenced by the COVID-19 pandemic and the global shutting down of schools and places of work. The transition to remote teaching and learning and remote work has accelerated the trend of virtual learning from an emerging trend to a mega trend. In April 2020 CanopyLAB acquired peruvian publishing startup Yopublico, now named CanopyLAB LATAM through a share swap agreement. This enables us to help schools transition to digital and for us to be involved in the entire journey - from digitization of books to providing the platform. It is with pleasure that we see satisfactory results from Peru during our first year as one company. In 2020 we welcomed the finnish VC Sparkmind.VC to the ownership circle and Kai Talas stepped in as chairman of the board. This is an important step on the journey articulated by the management team and owners, of building an edtech unicorn by ultimo 2026. Related to the level of innovation and product development, together wil Aalborg University, Arla, UCN and Port of Aalborg we secured a 2 million EUR grant from The Danish Innovation Fund earmarked for excellence in the application of Artificial Intelligence to learning and for innovating within the space of learner analytics.

Product development
On the product side, the software is being well-received by the market globally, and received two awards from elearning industry based on user reviews, that of user friendliness and excellent customer service. While the core functionalities of the SaaS product are completed the emphasis has been on releasing more adaptive features and more NLP-based features. These ease the course-building process and give us a strong competitive advantage. We are now able to auto-generate large parts of a course, including unit descriptions, 12 pedagogical exercises and quiz questions including the correct and wrong answers.

Global reach
We see that platform is increasingly used in emerging markets that other learning platforms have traditionally struggled to capture, such as Mexico, Peru, Colombia, Nigeria, South Africa, Uganda, Venezuela etc. Usage in the Nordics and the United States is also increasing.

The free learning platforms
We expect to reach 1 million users by November 2021 as a result of excellent marketing activities in 2020 and 2021. In August 2020 we released teacherLAB - a new addition to the family of free learning channels. It is used by 60,000+ teachers already. We see a great potential to scale the free learning offer, but will introduce monetization strategies in 2021 focusing on building a strong B2C arm in addition to the revenue generated through B2B.0.