Knewton, a US-based adaptive learning technology producer backed by educational services company Pearson, has raised $42.3m in a series F round expected to close at $47.3m, according to a regulatory filing.
The round is being led by investment firm Sofina and so far also includes existing investors Atomico, Accel Partners, Bessemer Venture Partners, FirstMark and Founders Fund, Knewton said in a statement yesterday.
Founded in 2008, Knewton provides software that can help personalise digital course materials for K-12 and university students. It also has a free online platform, currently in beta, which enables supplemental lessons to be created using open educational resources.
The company has so far delivered recommendations to more than 10 million students. It is raising capital to support an expansion in its technology, sales, implementation and support teams as it looks to grow internationally.
Knewton has now raised appproximately $147m in total funding, the present round following a $51m series E round featuring Atomico, Accel, Bessemer, FirstMark, Founders Fund, First Round Capital and a debt component from Silicon Valley Bank, which closed in 2013.
Pearson and Founders Fund co-led a $33m series D round for Knewton in 2011 that featured Accel, Bessemer and FirstMark. Its existing investors also include Reid Hoffman, co-founder of social network LinkedIn.