Media group Hearst exited Acrobatiq, the US-based developer of an educational content creation platform, on Tuesday in an acquisition of undisclosed size by digital textbook provider VitalSource.
Founded in 2015, Acrobatiq has built a software platform that enables users to tap data analytics and artificial intelligence to build digital educational courses tailored for each individual learner. It was spun out from Carnegie Mellon University (CMU).
VitalSource will use Acrobatiq’s software to give its clients the ability to publish their own digital coursework material. The company currently offers e-textbooks from more than 1,500 publishers for higher education institutions and individual students to purchase or hire.
Acrobatiq closed a $9.8m series A round in 2015 backed by group Hearst’s corporate venturing arm, Hearst Ventures, and Carnegie Innovations, a commercialisation vehicle for CMU, as well as Bill and Melinda Gates Foundation and Draper Triangle Ventures.
The company subsequently secured a total of $15m in equity, options and securities over two rounds in 2016, according to regulatory filings.
– The original version of this article appeared on our sister site, Global University Venturing.