Leading Online Proctoring Company Raises $21 Million amid Rising Demand for Secure Testing in Higher Education and Corporate Learning
Natick, MA (PRWEB) March 02, 2017 -- Examity, the worldwide leader in proctoring and identity verification for online tests, today announced that it has secured a $21 million investment from University Ventures, an investment firm that backs entrepreneurs and institutions reimagining the future of higher education, and Inherent Group, an impact investment firm that supports companies addressing societal challenges. Examity will use the funds to expand its industry-leading online proctoring platform, which makes testing more efficient, secure, and convenient for higher education institutions and other organizations.
The number of students taking college courses online has skyrocketed in the past decade, reaching nearly 6 million in 2016 in the United States alone. With more than a quarter of all U.S. students taking at least one course online, colleges and universities have driven demand for technology solutions that can ensure the quality and integrity of online programs. Market leader Examity partners with a diverse cross-section of public and private institutions, including Texas A&M, the University of Wisconsin, and Yale University, to implement sophisticated remote proctoring solutions that can be customized to meet the needs of individual institutions and programs.
“For a rapidly growing number of students in higher education, online courses offer a complement to traditional pathways and degree programs,” said Michael London, President and CEO of Examity. “That makes it critically important for colleges and universities to ensure the security and reliability of online examinations. We look forward to expanding in collaboration with institutions around the country to support the success of their online courses and programs.”
Examity’s unique approach, which allows institutions to offer real-time, twenty-four-hour proctoring services, is especially well-equipped to accommodate the flexible schedules of working adults and the fast-growing population of nontraditional learners. Its offerings can be easily integrated into Learning Management Systems and test delivery platforms, further streamlining the test administration process for faculty and students.
“As online learning has moved from the periphery into the mainstream of higher education, institutional leaders are increasingly focused on the importance of making sure that the student of record is actually doing the work. Ensuring the integrity of online testing is critical to online credentials being recognized and valued on par with traditional approaches to learning,” said Troy Williams, Managing Director of University Ventures. “Examity is unique in offering institutions a range of options from automated to fully live proctoring, where the right solution can be easily selected for each assessment, whether it be high-stakes or more routine work. Their partnerships with the most forward-thinking institutions in the country have solidified the company’s role as a leader in secure proctoring. We are excited to work with Examity and their college and university partners to help ensure quality in online learning.”
About Examity
Examity was founded in 2013 to meet the needs of the growing number of online education and certification programs looking to ensure integrity. Examity provides a cost effective and flexible test integrity solution including live, recorded and automated solutions. Its proprietary keystroke identification technology, Examikey, provides an enhanced level of assurance for schools to determine the authenticity of test-takers. Since its founding four years ago, Examity has partnered with 150+ institutions and certification programs worldwide. For more information, visit Examity.com or follow the company on Twitter @examity.
About University Ventures
University Ventures (UV) is the only investment firm focused exclusively on the global higher education sector. UV pursues a differentiated strategy of 'innovation from within'. UV has the deepest respect for the missions and traditions of colleges and universities around the world and is confident that through innovation, these same institutions will be successful in fulfilling and expanding their missions. By partnering with top-tier universities and colleges and then strategically directing private capital to develop innovative programs of exceptional quality that address major economic and social needs, UV is setting new standards for student outcomes and advancing the development of the next generation of colleges and universities on a global scale.
About Inherent Group
Inherent Group is an investment firm motivated by a belief in the power of business to address societal challenges. The firm invests in private and public companies whose products and services have positive impact and whose business processes display leading environmental, social, and governance practices. Inherent partners over the long-term with exceptional management teams to improve their businesses’ financial and non-financial sustainability.
Ben Watsky, +1 203.907.8930, [email protected]
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