Occupational learning tool developer NovoEd, based on research at Stanford, has been bought by Devonshire Investors after raising $4.8m of series A capital in 2014.
NovoEd, a US-based occupational learning tool developer spun out of Stanford University, has been acquired by private equity firm Devonshire Investors for an undisclosed sum.
Founded in 2013 at Stanford’s Social Algorithms Lab, NovoEd has created a cloud-based collaborative education platform that supports the delivery of occupational learning initiatives for clients including corporates and providers of executive training.
The customisable platform focuses on collaborative projects through which users can share feedback and practice skills that can be applied in the workplace.
Devonshire Investors will now look to support NovoEd’s business growth, funding the company’s product innovation and recruitment strategy as well as an expansion in customer services and support.
NovoEd had previously received $4.8m in a 2014 series A round led by VC firm Costanoa Ventures and backed by undisclosed investors.
The company’s shareholders reportedly also include Foundation Capital, Kapor Capital, Learn Capital, Maveron, Ulu Ventures and a number of angel investors.
Scott Kinney, managing director for education technology at Devonshire Investors, said: “Skill development in areas such as leadership, risk-taking, strategic agility, sales and customer service that used to be best suited to in-person learning can now be delivered at scale and with even greater impact.
“We are very excited to support NovoEd’s mission to bring together large employee populations worldwide around specific learning objectives while maintaining a human connection.”
– Feature image courtesy of NovoEd