Sorry! I mixed up my comments 🙁
I think this a solution to a very large problem that teachers are facing. I am really interesting in the shift to e-books because of a number of the reasons that you mention. They are much lighter and they can be updated much more easily. The additions to I Read You sound like they would improve them even more. Firstly, live updates and dynamic material is a great way to engage learners beyond the basics that are usually provided in textbooks. Plus the main difference of having different reading levels is an excellent addition because it allows for individualization without needing to find different source material for each student.
If I was an investor I would invest in this project, especially if I was a smaller publisher looking to break into the very lucrative education textbook market. I Read You incorporates the trend of personalized learning, which is becoming more important as mobile devices are becoming more prevalent in classrooms. I enjoyed how there was a timeline included in the pitch, because, as with many technological devices, timing is very important. Right now a lot of schools are looking to move towards e-books, so it would be a good opportunity to launch a product like this and move in before the publishing companies make the move to e-books.