On Wednesday, in a statement Class Technologies Inc said, it has raised $105 million in a funding round that was led by SoftBank Group Corp’s Vision Fund 2.
Class Technologies Inc makes tools for Zoom Video Communications Inc’s platform to enhance online classes.
Class Technologies Inc, an educational tech startup was created by Michael Chasen when he faced challenges of Zoom classes for his three children in public school.
Incidentally, Chasen started his first education software business over 20 years ago called Blackboard, Inc; thus, he was able to quickly tap talent and got the company started with previous engineers he had partnered with along with big name investors.
“I think what you can expect to see over the next 12 to 18 months there is going to be more advancement in ed-tech than we’ve seen in the last five to 10 years,” said Chasen while adding, with public schools restarting many will continue to choose online education and avoid being “caught flat-footed again if there’s another pandemic”.
Incidentally, startups serving public schools have traditionally struggled to get large funding from venture capital, which sees the long sales cycle in the sector as a challenge. The pandemic changed that.
Chasen, who has worked extensively with public schools in his previous company, opined public schools are not only a strong long-term opportunity but also provide growth opportunities in the short-term ranging from corporate customers using the Class Technologies tools for employee training as well as demand from higher education. Chasen declined to share the company’s latest valuation.