The deal follows major wins with global publishers including Harper Collins and Hodder Education and will allow Knowledge Transmission to bring in new staff and focus on building the mobile language learning tools it plans to offer education chains.
"This round of funding allows us to take on several new contracts in our channels business, while publishers benefit from access to our distribution channel to clients in the developing world," said Sam Loose, CEO and co-founder of Knowledge Transmission.
Loose told Cabume the plan is to bring in around a dozen software engineers and editors over the next six to eight months and expects to be cash positive in a little over a year. Loose has previously said he expects to see an exit within three to five years and following the seed money doesn't believe the company will necessarily need any further investment.
He said: "We should have enough form the contracts not to seek further funding, though I won't rule it out."
Three of the investors, Simon Jones, Peter Davison and Dr Robert Swann, join the board as non-executive chairman and non-executive directors respectively.
Jones, a former CEO of Analysys Mason, led the investment from Cambridge Capital Group. He said: "This is Cambridge Capital Group's first pure EdTech investment and we are excited how the company is bringing the latest digital publishing techniques to an industry tackling the digital education transformation head on.
"There is great potential to deliver real benefits to the language school chains and international university chains that deploy these learning technologies and to the ultimate end-users, the students."
Davison has spent the last 28 years at Cambridge University Press where he is director of corporate affairs, Dr Swann is a Cambridge Angel and successful entrepreneur, but invested in a personal capacity. Other private investors remain unnamed.
blog comments powered by Disqus