Docufide, Inc., a Scottsdale, Arizona-based company that develops a digital platform that is designed to exchange, analyze, and manage education credentials, has raised $4.5m in its first venture financing round.
The round was led by education entrepreneur Matthew Pittinsky, Ph.D., with participation from existing investor Novak Biddle Venture Partners.
In conjuntion with the financing, Pittinsky, has joined the company as CEO. According to him, some 20 Arizona jobs will be created over the next few months, “with many more potentially on the horizon”.
Pittinsky is the co-founder and former CEO and Executive Chairman of Blackboard Inc. (NASDAQ:BBBB).
Founded in 2003, Docufide offers a Software-as-a-Service (SaaS) platform that allows users to electronically deliver, manage, and analyze a range of education records. The company’s services have been used by more than 7,000 high schools, colleges and universities. It has been selected by 11 states to provide the infrastructure for electronic exchange initiatives.