US-based enterprise skills learning software developer EdCast has completed a $35m series D round that included subsidiaries of data services and technology provider RELX and energy supplier National Grid.
REV Venture Partners and National Grid Partners joined investment platform Avathon Capital, which led the round, as well as investment manager State Street Corporation’s State Street Global Advisors and unnamed existing investors.
Founded in 2013, EdCast produces machine learning-driven software products that help employees access occupational training courses put together by their employer or external providers.
The software incrementally tailors guidance to the needs of each employee and can be utilised through enterprise software products such as Salesforce, Slack and Microsoft Teams.
The series D funding will go to the development of new iterations of EdCast’s products, which include an in-app troubleshooting tool and a marketplace for third-party content. It will also fund recruitment, marketing and product development.
The company raised $33.6m in a December 2018 round featuring REV Venture Partners, diversified conglomerate Crescent Enterprises, SoftBank Capital, which invests on behalf of internet and telecommunications group SoftBank, Stanford University, State Street Global Advisors, The London Fund, Mistletoe, Cervin Ventures and unnamed additional investors.
The company secured $10.6m of equity funding from undisclosed investors in April 2018 according to a regulatory filing.
Power and industrial technology producer General Electric led a $16m round for EdCast in 2016 through GE Asset Management, investing with SoftBank Capital, engineering and construction services provider Penta Global, Stanford-StartX Fund and Cervin Ventures.
SoftBank Capital had previously led the company’s $6m series A round in 2014, investing with Novel TMT Ventures, which is backed by telecoms firm Novel Group, in addition to StartX Fund, Cervin, Kapor Capital, Menlo Ventures, Aarin Capital and NewSchools Venture Fund.
Early-stage investment fund SmartStart is also among EdCast’s earlier backers, according to TechCircle.