Declara Secures $16M for Predictive Learning in the Enterprise
FREMONT, CA: Declara, provider of machine learning, search, algorithms and recommendations has secured $16 Mn to hone its product and scale internationally. According to VentureWire, the Series A round was done at a post-money valuation around $100 Mn.
With the new investment, Declara helps Genentech and other employers to educate workers with technology that anticipates and fills knowledge gaps. The infusion is the latest boost to an already buoyant education technology sector, with startups including Coursera , Knewton , Udacity and Udemy, securing capital to expand to more consumers and public school systems.
Rather than charging students for certificates or taking a revenue share from teacher fees, Declara sells its software as a service and is attacking the enterprise market. And that, according to GSV Asset Management Co-Managing Partner Mark Flynn, made it an extremely attractive investment.
“Corporate and government training is $360 billion worldwide and growing at 8 percent a year. It’s a big opportunity,” says Mr. Flynn, who led the round on behalf of GSV and joins the board. “They are at the tip of the pyramid in terms of the people they are meeting with. The closure rate is very strong.”
Declara Chief Executive and Co-founder Ramona Pierson said the round was roughly twice the amount she initially targeted and she completed the process in just four weeks.
Along with the early and international traction, she said investors liked the technology, which blends predictive analytics, semantic search and machine learning to deliver the right content at the right time to the right person.