Adaptive learning products and technologies provider Knewton closed a $25 million financing round led by TriplePoint Capital with a debt facility of up to $20 million. Knewton’s existing investors—which include Accel, Atomico, Bessemer Venture Partners, FirstMark Capital, First Round Capital, Founders Fund, and Sofina—invested an additional $5 million. Knewton plans to use the funding to scale Alta, the company’s adaptive learning courseware for higher education that made its U.S. market debut in 2018.
According to the company, Alta received a positive response from instructors in the U.S. higher education market, with many choosing Alta’s combination of adaptivity and insights into student performance, and high quality, openly available, expertly-developed content over the traditional textbook and digital homework offerings.