Examity, a provider of an online proctoring platform, has secured $90 million in funding. The investor was Great Hill Partners. Raymond James & Associates was financial adviser to Examity on the deal.
NEWTON, Mass., April 30, 2019 /PRNewswire/ — Examity today announced that it has secured $90 million from Great Hill Partners, a leading Boston-based private equity firm. The funding will accelerate the company’s expansion, as well as support continued research and development into the application of machine learning and biometrics to create a more secure online testing experience.
“As college cheating scandals continue to make headlines, institutions are turning to technology to validate the learning experience and ensure confidence in student outcomes,” said Michael London, Founder and CEO of Examity. “This investment will enable us to scale and help universities, employers, and certification providers make good on the promise of online education for test-takers worldwide.”
Examity’s solution is unique in that it encompasses a full range of proctoring modalities, from automated through to live, so exam administrators may choose the approach and level of security that best fits their needs. This year, the company will proctor more than 2 million exams for higher education institutions including Penn State University, Texas A&M, and Western Governors University. It also supports a growing number of employers and certification providers, including Amazon and MongoDB, as they expand online learning to assess, promote, and credential individuals in the US and abroad.
“As online learning becomes ubiquitous in not just the classroom but also the workplace, universities and employers are increasingly emphasizing the security and integrity of the test-taking experience,” said Chris Busby, Partner at Great Hill Partners. “We are excited to be backing the leader in this category, and look forward to helping the company continue its strong growth trajectory.”
Examity has doubled in size in the last year alone, reflecting the accelerating growth of online education in both the education and corporate contexts. Today, one-third of all college students take at least one course online, and nine of 10 companies now offer digital learning programs for employees.
In 2018, Examity was recognized by Deloitte’s Fast 500 as the fastest-growing Edtech company in North America. The company was recently named one of the Boston Business Journal’s fastest-growing businesses in Massachusetts for the second straight year.
The new financing follows a previous funding round led by University Ventures in 2017, which is now exiting the majority of its investment. Raymond James & Associates served as exclusive financial adviser to Examity in connection with the transaction.
Examity was founded to meet the needs of colleges, employers, and certification providers looking to ensure integrity. Since its founding six years ago, Examity has partnered with 500+ institutions and certification programs worldwide to provide a cost-effective and flexible online proctoring and learning validation solution. For more information, visit Examity.com or follow the company on Twitter @examity.