Digital literacy company Learning.com announced it has secured growth funding from CIBC Innovation Banking.
Terms of the funding were not disclosed.
Portland, Oregon-based Learning.com, which was acquired last year by private equity firm Lumos Capital Group, said the funding will enable it to pursue both organic growth and strategic acquisitions.
Learning.com was founded in 1999 and offers products focused on digital literacy skills and computer programming, as well as related professional development support for educators. The company says it serves 1,400 school districts, with programs tailored to technology-related requirements in Florida, Michigan and Texas.
Learning.com Chief Financial Officer Sean Sullivan said in a statement that the funding gives the company “additional financial flexibility” as it aims to “empower even more students to develop a healthy relationship with technology and gain the digital skills they need to succeed in a digital world.”
Carolina Tkachow, executive director of CIBC Innovation Banking, said the company is “pleased to join Learning.com as they continue to lead the way in digital education.”
CIBC is the investment arm of Canadian Imperial Bank of Commerce, a Canadian-based international banking company.
BV Investment Partners will invest in Kami. Boston-based private equity firm BV Investment Partners has made a “significant strategic investment” in Kami, the companies announced.
Kami's platform uses AI technology with the aim of helping teachers manage classrooms, create assessments, grade assignments, and tailor materials to students' needs.
Following the investment, the Auckland, New Zealand-based company will open an office in Boston while maintaining its Auckland headquarters. The company was originally founded as Notable in 2012 and rebranded as Kami in 2016. Kami's founders plan to remain with the company following the new investment.
“As we accelerate our growth with BV's backing, we remain committed to our core mission and values. Our global team, including our founders, operations and day-to-day business functions will remain unchanged,” Kami co-founder and CEO Hengjie Wang said in a statement.
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The deal will enable the company to deepen its presence in its core U.S. K-12 market and also expand into other countries.
“BV is the right strategic partner to help us achieve our goals and continue our mission to expand to the next level,” Wang added.
BV managing director Jason Kustka said in a statement that the firm has “invested in and helped scale a number of exciting education-focused businesses that offer affordable and effective solutions to accelerate learning.”
South Korea's Catius raises pre-Series A to develop AI-powered conversational toys
Catius Inc., a South Korean edtech startup that has developed AI-powered conversational toys for children, has raised an undisclosed pre-Series A round of funding led by Smilegate Investments and STIC Ventures.
Singapore-based venture capital firm Farquhar VC also participated in the round.
Catius' flagship product is Cati, an animatronic toy that can converse with children and focus on language development and communication skills.
“FVC is grateful to have been entrusted with helping startups expand across borders through investment and acceleration,” Jason Su, Farquhar's managing partner and chief investment officer, said in a statement.