EdTech Startup Builds on Early Traction in Remote Proctoring with New Crowdfunding Round
Proctor360 Announces New Offering on Netcapital Funding Portal
By: Proctor360 Inc.
Proctor360 is an EdTech company that develops technology and services for remote proctoring, which involves the monitoring of online exam sessions to prevent cheating. While that submarket within E-Learning was already growing prior to COVID-19, since the pandemic the demand has increased significantly (and is projected to reach $1.34 billion by 2027). Schools, colleges, professional certification organizations, and training programs around the world have adopted remote proctoring services in order to move their exams online.
CEO Ganga Bathula commented, "Since that first seed round, we completed production of Version 1 of our patent pending 360-degree testing headset and developed our own software solution for remote exam monitoring. When the pandemic forced the closure of testing centers nationwide, we saw an opportunity to expand our cloud-based software into a SaaS proctoring solution that allows testing centers to proctor exams remotely. These milestones enabled us to acquire our first customers and start generating revenue."
The company now offers a flexible array of remote proctoring services and they've acquired several customers that include online schools, traditional college test centers, professional certification organizations, and a Fortune 100 company whose employee certification tests include content that is governed by national security laws. That last one is by virtue of how they've leveraged their existing software in the cloud and created a siloed version that meets the requirements for Export-Controlled Information.
According to the founders, this new investment offering is all about accelerating growth. "We've managed to achieve a great deal with very little investor backing so far," said CTO and Co-founder, Kranthi Bathula. "It's always been important to us that we remain lean and efficient. Now that we've reached the market and developed real traction, it's time to build out our sales operations and increase our headset production so that we can grow faster and capture market share."
The time could be right for investors to identify early stage companies in the E-Learning market. According to analysis by Global Market Insights, E-Learning is projected to reach a total market value of $1 trillion by 2027. For companies that develop unique and scalable solutions in EdTech, there is a lot of opportunity for the foreseeable future.
The Regulation Crowdfunding offering for Proctor360 Inc. is active now on the Netcapital funding portal at https://netcapital.com/