panOpen, a New York City-based provider of open educational resources, completed a $1.5M funding round.
The round was led by Zen Group, LLC. In addition to the funding, Jack Chorowsky, Chief Operating Officer of the KIPP Foundation, and Rafael Mayer, Managing Partner of Zen Group, joined the panOpen Board of Directors.
The company, which has raised $3M in total, intends to use the funds to proceeds to support its growth and fund ongoing development.
Founded in 2013 by Dr. Brian Jacobs, CEO, panOpen provides technology and financial services for higher educational institutions to adopt open educational resources (OER).
The platform offers institutionally-specific OER content libraries, advanced customization and remixing tools, student analytics, universal access to OER, and a financial compensation system to support OER sustainability and align the economic and operational interests of stakeholders (faculty, administrators, and students).