Examity, a Massachusetts-based company that helps meet the needs of colleges, employers, and certification providers, recently announced several milestones. This year, Examity is projecting that it will proctor more than 2 million exams for higher education institutions like Penn State University, Texas A&M, and Western Governors University.
Ever since Examity launched six years ago, it has partnered with over 500 institutions and certification programs worldwide to provide a cost-effective and flexible online proctoring and learning validation solution.
Examity also announced it raised $90 million from private equity firm Great Hill Partners. With this funding round, it will accelerate the company’s expansion and support continued research and development into the application of machine learning and biometrics for online testing experiences.
“As college cheating scandals continue to make headlines, institutions are turning to technology to validate the learning experience and ensure confidence in student outcomes,” said Examity founder and CEO Michael London. “This investment will enable us to scale and help universities, employers, and certification providers make good on the promise of online education for test-takers worldwide.”
Examity’s technology encompasses a full range of proctoring modalities ranging from automated through to live. This way exam administrators may choose the approach and level of security that fits their needs. The technology also supports a growing number of employers and certification providers including Amazon and MongoDB.
“As online learning becomes ubiquitous in not just the classroom but also the workplace, universities and employers are increasingly emphasizing the security and integrity of the test-taking experience,” added Great Hill Partners Chris Busby. “We are excited to be backing the leader in this category, and look forward to helping the company continue its strong growth trajectory.”
In the last year, Examity doubled in size — which reflects the accelerating growth of online education in education and corporate contexts. Now one-third of all college students take at least one course online. And 9 out of 10 companies now offer digital learning programs for employees.
In terms of accolades, Examity was named by Deloitte’s Fast 500 as the fastest-growing Edtech company in North America last year. And the company was also recently named one of the Boston Business Journal’s fastest-growing businesses in Massachusetts for the second straight year.
This investment round follows a previous round led by University Ventures in 2017. And University Ventures is now exiting the majority of its investment. Raymond James & Associates was the exclusive financial adviser to Examity in this transaction.