US-based cloud learning platform developer EdCast closed a $16m round of financing on Thursday led by GE Asset Management, a fund manager overseen by industrial and appliance manufacturing conglomerate General Electric.
The round also featured SoftBank Capital, a corporate venturing subsidiary of telecoms and internet group SoftBank, as well as engineering and construction services provider Penta Global, venture capital firm Cervin Ventures and StartX Fund, the incubator and investment fund associated with Stanford University.
EdCast has built a cloud-based service that sources knowledge and intelligence from authoritative figures in various fields and provides it to its users in the form of curated, contextual insights.
SoftBank Capital led EdCast’s last round, a $6m series A round closed in late 2014 that included Novel TMT Ventures, which acts as telecoms company Novel Group’s corporate venturing unit, Cervin, StartX, Kapor Capital, Menlo Ventures, Aarin Capital and NewSchools Venture Fund.
Carlos Monfiglio, partner at GE Asset Management, said: “We are excited about EdCast’s vision, innovation, and the disruptive power of its technology in enterprise knowledge discovery, sharing and learning.
“The list of Fortune 500 companies using EdCast is impressive and we believe the company is on its way to defining and leading a new category in enterprise knowledge and intelligence.”