China-based educational services company Tal Education and EDBI, the investment arm of Singapore Economic Development Board, have invested in US-based adaptive learning technology provider Knewton, enabling it to close a $52.3m series F round on Tuesday.
The round was co-led by diversified holding company Sofina and venture capital firm Atomico.
FirstMark Capital, Founders Fund, Accel Partners and Bessemer Venture Partners contributed funds to the $42.3m first close in November 2015. Knewton has not clarified if any of them returned for the extension.
Founded in 2008, Knewton operates a platform that adapts course materials to a student’s individual progress. It claims to have created 15 billion such personalised materials for a total of more than 10 million students in K-12 and higher education.
The cash will help Knewton accelerate the further rollout of its offering in partnership with publishers and education companies. Knewton will also boost its technology, sales, implementation and customer support infrastructure, focusing on Asian markets.
The company has received approximately $157m in funding to date. Atomico, Accel, Bessemer, FirstMark, Founders Fund, First Round Capital supported a $51m series E round in 2013, which also included debt financing provided by Silicon Valley Bank.
Educational services provider Pearson and Founders Fund co-led a $33m series D round in 2011 that also attracted Accel, Bessemer and FirstMark. Remaining backers include Reid Hoffman, co-founder of professional network LinkedIn.