Knewton, an NYC-based provider of adaptive learning products and technologies, raised $25 Million in its latest financing round led by TriplePoint Capital with a debt facility of up to $20 Million. Its existing investors who invested an additional $5 Million includes Accel, Atomico, Bessemer Venture Partners, FirstMark Capital, First Round Capital, Founders Fund and Sofina .
The company aims to use the funds to scale Alta, its adaptive learning courseware for higher education.
Knewton’s CEO, Brian Kibby announced the launch of Alta for higher education students. Since its inception in January 2018, Alta received positive feedbacks from instructors in the U.S. higher education market, and the company expects more than 250 colleges and universities to use this product.
For now, Knewton will offer 36 Alta products in courses across mathematics, economics, chemistry, and statistics, including seven products developed exclusively to support the various initiatives of curriculum redesign.