US-based cloud learning platform developer EdCast has secured $33.6m in a funding round that included diversified conglomerate Crescent Enterprises, analytics services provider Relx and telecommunications and internet group SoftBank.
Investment manager State Street Corporation’s State Street Global Advisors vehicle also took part, alongside The London Fund, Mistletoe, Cervin Ventures, Stanford University and undisclosed others. SoftBank and Relx invested through SoftBank Capital and REV respectively.
EdCast provides a cloud-based service that uses artificial intelligence and machine learning to aggregate content and provide continuous learning recommendations. It also provides a marketplace where learning content providers can connect with organisations to offer information and resources for upskilling.
The company closed a $16m round led by GE Asset Management, a subsidiary of industrial and appliance manufacturing group General Electric, in 2016, which included SoftBank Capital, engineering and construction services provider Penta Global, Cervin Ventures and Stanford’s StartX Fund.
SoftBank had previously led EdCast’s $6m series A round in late 2014, which also featured telecoms company Novel Group’s corporate venturing unit, Novel TMT Ventures, as well as Cervin, StartX, Kapor Capital, Menlo Ventures, Aarin Capital and NewSchools Venture Fund.
Karl Mehta, EdCast’s CEO and founder, said: “With this funding, along with achieving these milestones and partnerships, EdCast’s focus on providing knowledge and training fully integrated in the flow of work is coming to fruition faster than ever.”