Discovery Communications has led a $20 million round into Grockit. Grockit is known for creating a service called Learnist. Learnist helps students prepare for tests like the SATs and LSATs. Discovery and Grockit will share technology with each other and work on opportunities to market, distribute, and promote each other’s services.
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Grockit is a social learning startup company that has raised $7 million in Series D. Current investor Atlas Ventures led the round. Existing investors Benchmark and Integral Capital also participated. New investors NewSchools Venture Fund and GSV Capital CEO Michael Moe participated in this round.
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Grockit is an online learning website that has raised $7 million in Series C. Atlas Venture is the lead investor in this round. Other investors in this round include Integral Capital and Benchmark. Grockit helps students prepare for exams such as the SAT and the GMAT. [TechCrunch]
DriveCam is a company that improves risky drivers by setting up video event recorders on the windshield behind the rear-view mirror. DriveCam reduces claims costs and improves the way people drive.
DriveCam offers driver coaching and expert analysis. The company has announced that they have raised $19 million Series D.
The $19 million Series D round of investment was led by Triangle Peak Partners. Other investors include Menlo Ventures, Insight Venture Partners, JMI Equity, and Integral Capital Partners.
DriveCam had year-over-year revenue growth and an 85% growth in their client base. The company also had a positive cash flow for the first time in history.
Earlier this week remote access software company LogMeIn announced that they are preparing for an IPO. The company plans to offer 6.66 million shares at a price of about $14-$16. The IPO is expected to take place on July 1. LogMeIn will trade under the NASDAQ with the stock symbol LOGM.
LogMeIn had a net income of $1.5 million for the three months ending March 31 on revenue of $17.2 million. About a year ago, the company had a net loss of $4.2 million on revenues of $9.9 million during the same time period. Intel owns 5% of LogMeIn and other investors include Prism Venture Partners, Polaris Venture Partners, Technology Holding Central and Eastern European Funds, and Integral Capital Partners.
LogMeIn customers include AMD, CardinalHealth, 3M, Best Buy, IBM, DHL, SAP, etc. The company is based on Woburn, Massachusetts. The company indicated the IPO back in January.