Udacity, a Mountain View, CA-based global online learning platform educating workers for the careers of the future, signed a $75m debt facility with Hercules Capital (NYSE: HTGC).
The company intends to use the funds to continue to expand operations and its business reach.
Udacity provides real-world-ready training and reskilling in the most cutting-edge technologies has resonated with government and enterprise clients. Key clients include: five of the world’s top seven aerospace companies, three of the Big Four professional services firms, the world’s leading pharmaceutical company, Egypt’s Information Technology Industry Development Agency, and three of the four branches of the United States Department of Defense.
Udacity has also continued its partnerships to offer the same high-level skills training to individuals. Most recently, Microsoft and Udacity launched a Machine Learning Engineer for Microsoft Azure Nanodegree program. Udacity has also partnered with AT&T to provide 1,000 Nanodegree licenses at a combined value of $1 million to members of underserved communities.
“It’s always more cost-effective to upskill your existing workforce than replace them. Our clients clearly understand this and see Udacity as a key part of their long-term workforce development plans,” said
Led by Gabe Dalporto, CEO, Udacity is a global, online training platform powering digital transformation and accelerated time-to-market initiatives for Fortune 500 and Global 2000 enterprises. Its programs provide practitioner skills through a series of “Nanodegree” programs consisting of online courses and real-world projects in artificial intelligence, machine learning, data science, autonomous systems, and cloud computing, among other disciplines. The company collaborates with expert instructors and over 200 global industry partners including AT&T, Google, Facebook, Mercedes-Benz, and NVIDIA to power technical education. The company also has operations in the United Kingdom, Egypt, Germany, India, and the United Arab Emirates.
Udacity has raised $238 million in funding to date from investors including Bertelsmann, Andreessen Horowitz, Charles River Ventures, and Drive Capital.