Educational technology business Picmonic has completed a fundraising round that yielded $2.3 million, furthering their mission to help students succeed with their unique brand of visual learning tools, the Tempe-based firm revealed yesterday in Phoenix.
Utilizing a visual learning platform wherein users create, share and explore audiovisual study cards called picture mnemonics, or “Picmonics,” the company intends to develop a user authoring tool set enabling students to create their own Picmonics, complete with mobile enhancements.
“Multimedia learning will fundamentally transform how the modern-day student is able to comprehend, retain and apply knowledge,” Picmonic CEO and Co-Founder Ron Robertson said. “This raise will allow us to create an even more … efficient and personalized learning experience for … users who currently rely on our platform.”
As well as increasing current market penetration, Picmonic intends to expand their Tempe team, currently consisting of 30 professionals.
“The additional financing will allow us to hire new marketing, customer facing and technical talent, including additional PHP and iOS developers,” Adeel Yang, Picmonic’s president and co-founder, said.
Picmonic’s current student user base spans 1,000 medical and nursing schools. With the extra capital, the company hopes to expand into additional disciplines.
Professional investment groups 2M Companies of Texas and Tallwave Capital of Arizona participated in the fundraising, along with Arizona Tech Investors, Desert Angels and Matt Pittinsky, CEO of Parchment and co-founder of Blackboard.
“Picmonic is uniquely positioned to change the way people learn for the better,” 2M Companies Investment Partner Ameeth Sankaran said. “In a very short time, the company has made a significant impact on education, and we are excited about their future.”