Examity, which offers remote proctoring services for tests that students take online, has received a $21 million investment.
The money comes from two New York-based investment firms, University Ventures and Inherent Group, according to a press release e-mailed to Xconomy. The news was first reported by the Boston Business Journal.
Based in Natick, MA, Examity raised $1 million from investors prior to this round, the Business Journal reported. The education technology company generated about $10 million in revenue last year and was in the black, CEO Michael London told the publication. The company reportedly employs about 230 people worldwide, including 30 in Natick.
Founded in 2013, Examity provides technology and services that aim to verify the identity of test takers and make sure they don’t cheat—a growing concern as education increasingly takes place online.
The safeguards Examity offers include biometric-based keystroke signatures and the ability for students to snap a picture of their ID and face, and answer challenge questions. Examity’s software products can integrate with learning management systems from other educational technology companies, such as Blackboard. Examity also employs remote proctors who can watch a test taker via a webcam to ensure he or she doesn’t cheat.
Examity’s customers include Yale University, Texas A&M, and the University of Wisconsin.
The company is part of a growing cluster of edtech firms based in Massachusetts. A recent study produced by LearnLaunch found more than 400 education-related businesses in the Bay State, from large publishers to small startups working on online courses, digital learning assessments, and more.
