US-based adaptive learning technology developer Acrobatiq closed a $9.75m series A round backed by Hearst Ventures, media company Hearst’s corporate venturing unit, yesterday.
Hearst was joined by venture capital firm Draper Triangle Ventures, Bill & Melinda Gates Foundation and Carnegie Innovations, a subsidiary of Carnegie Mellon University. East Wind Advisors served as advisor on the transaction.
Acrobatiq has built a cloud-based adaptive learning and analytics platform based on research from Carnegie Mellon University’s Open Learning Initiative that provides a personalised learning experience for students. It can also give faculty real-time information on students’ progress.
The funding will support the development of Acrobatiq’s platform and the scaling of its sales and marketing. It follows $2.3m in debt financing closed by the company in February this year.
Eric Frank, chief executive of Acrobatiq, said: “We will only actualise the potential of the internet to drive down costs and increase access to education when we can guarantee the quality of the online experience.
“That is what we are trying to do in partnership with committed faculty and universities, and this round of funding with such great investment partners will help us do it better and faster.”