Online learning startup EdCast Inc, has raised $16 Mn in Series B round of funding led by G.E. Asset Management. This round also saw participation from SoftBank Capital, Cervin Ventures, Stanford StartX Fund and Penta Global.
Founded in 2013 by serial entrepreneur Karl Mehta, EdCast is a knowledge network built to inspire, empower & educate individuals, teams and organizations to get smarter with daily curated & contextual bite-size insights with live access to influencers and Subject Matter Experts.
Currently, the company offers its business education service to companies in IT services, consulting, healthcare and manufacturing, but it now looks to expand into telecommunications, consumer media, banking and financial services, and retail in the coming months, as per Mehta.
“We are laser focused on our mission to empower enterprises in the knowledge economy with curated, contextual SmartBites (bite size knowledge) used everyday to get smarter in their work. The Millennials in the workplace along with the complexity of engaging and educating customers and partners is creating the need and demand for our knowledge network to engage employees, partners, and customers with daily relevant insights,” said Karl Mehta.
The company plans to use the funding to help educational institutions, educators, enterprises and governments worldwide to collaborate with each other.
The company recently tied up with HP’s online Learning Initiative for Entrepreneurs termed as HP LIFE, which will enable it to cover various topics such as strategic planning, leadership, sales, funding and finance, among others. “The list of Fortune 500 companies using EdCast is impressive and we believe the company is on its way to defining and leading a new category in enterprise knowledge and intelligence,” said Carlos Monfiglio, partner at GE Asset Management.
Prior to this, Edcast had raised $6 Mn in Series A round of funding led by Softbank Capital in late 2014.
Other startups who are operating in this sector include MasterClass, Degreed, HotChalk, Udacity and Coursera among others.
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