Class Technologies, a teaching and learning tools provider for K-12 schools and higher education institutions, has raised fresh capital as part of its $12 million funding round, the company has announced recently.
The company said investors in the round include Tampa Bay Buccaneers quarterback Tom Brady, veteran talent executive Guy Oseary, Salesforce Ventures, global investment arm of the Marc Benioff-led Software Company, and venture capital firm Sound Ventures.
Class Technologies offers teaching and learning tools to K-12 schools and higher education institutions through Zoom. The tools enable instructors to present in front of a virtual classroom, take attendance, track participation, hand out assignments and quizzes, proctor exams, grade work, and one-on-one learning discussions.
Speaking about the company, Michael Chasen, CEO of Class Technologies, said,
"Education itself is being redefined because of what's happened during COVID. You can't take hundreds of thousands of teachers and millions of students, put them all online and not expect there to be giant changes and ramifications and deployment of technology in the sector. I think [Zoom] has sped up online learning by five to 10 years.
“I think there's a big role for Class Technologies to play going forward. I'm excited to see the changes in the industry and what happens as we move forward," Chasen added.
The company claimed that since its launch seven months ago, over 7,500 K-12 and higher education institutions, as well as global organizations, have expressed interest in using its program.
Commenting on the investment, Tom Brady said in a statement,
"As most parents experienced first-hand, the pandemic highlighted the need for better online teaching and learning technology. I am pleased to partner with Michael Chasen, a proven education and technology pioneer and fellow father of three, to bring the promise, potential, and power of the digital classroom to people around the world."
Chasen came up with the idea for Class Technologies nine months ago after seeing his son and two daughters struggle with the transition to online learning during the pandemic and speaking with their teachers about the challenges they faced keeping students engaged.
He believes that growing acceptance of online learning will ultimately help lower costs and increase access to education in the coming years.
According to a statement, the fresh capital will be used to accelerate the rollout of Class' software and support increased global demand.
With the latest funding round, Class Technologies said it has now raised more than $58 million. Other investors involved with the Class Technologies include early Zoom investors Santi Subotovsky, Jim Scheinman, and Bill Tai. AOL co-founder Steve Case is also an investor.