Join Transform 2021 for the most important themes in enterprise AI & Data. Learn more.
The San Francisco-based company had raised $18.5 million since its inception in 2012, so today’s news takes its total funding past the $50 million mark. The round was led by Insight Venture Partners, a VC and private equity firm based in New York, with contributions from Bessemer Venture Partners, Learn Capital, and Rethink Education.
Armed with a team of data scientists, developers, and researchers, BrightBytes targets those at the helm of educational institutions and school districts, offering tools to help them make sense of their data and look at how investment in technology is directly influencing outcomes in the class.
BrightBytes creates “evidence-based frameworks” and combines them with data provided by a school or set of schools from a region. In short, BrightBytes is all about telling those who make the purchasing decisions how they should be spending money on technology.
The company’s flagship Clarity platform can help tackle problems such as student dropout rates and technology efficacy, and BrightBytes claims one in five schools in the U.S. already use Clarity.
With $33 million extra in its coffers, BrightBytes says it will push to grow its international customer base, and build its engineering and customer support teams.
“We see a large global market using data analytics to improve education, and the BrightBytes team is building a category-defining company,” said Nick Sinai, partner at Insight Venture Partners, who also joins BrightBytes’ board of directors.
So-called “edtech” companies have increasingly been attracting VC funding in recent years — funding grew by more than 50 percent to almost $2 billion in 2014.
Indeed, in February last year Google Capital plowed $40 million into online education giant Renaissance Learning, while LinkedIn made its biggest acquisition to date a few months back with the $1.5 billion purchase of Lynda.com, a subscription-based service that helps people learn new skills.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform
- networking features, and more