Knewton, a NYC-based provider of adaptive learning products and technologies, closed its latest financing round, which includes up to $25m in capital.
The round was led by TriplePoint Capital with a debt facility of up to $20m. Existing investors — which include Accel, Atomico, Bessemer Venture Partners, FirstMark Capital, First Round Capital, Founders Fund and Sofina — invested an additional $5m.
The company plans to use the funding to scale Alta, its adaptive learning courseware for higher education.
Led by Brian Kibby, CEO, Knewton provides Alta delivers Alta, its adaptive learning courseware for higher education students. Since its launch in January 2018, Alta has received a positive response from instructors in the U.S. higher education market and the company expects that more than 250 colleges and universities will be using the product during the Fall 2018 term.
For that time, Knewton will offer 36 Alta products in courses across mathematics, economics, chemistry and statistics, including seven products developed exclusively to support math corequisite curriculum redesign initiatives.