Instructure Canvas, a Salt Lake City, UT-based provider of cloud-based learning management system, has closed $8m in a Series B round of financing.
The investment was led by OpenView Venture Partners, EPIC Ventures, TomorrowVentures, and Tim Draper of Draper Fisher Jurveston.
As stated by CEO Josh Coates, the investment will be used “to scale the company’s operations and to keep up with market demand.”
Earlier this year, Instructure made available Canvas as open source and thousands of schools districts and universities have begun evaluating the system. The company is currently servicing more than 30 educational institutions.
Canvas’ features include an integrated gradebook, assessment tools, discussions, multiple assignment submission types, rubrics and web chat. Its grading tools, including SpeedGrader™ for the iPad, are designed to reduce the amount of time educators spend grading assignments. It integrates drag-and-drop file uploaders, HTML5 video, automatic speech-to-text conversion applications as well as Web 2.0 tools and social media platforms like Google Docs and Facebook.