BrightBytes, a data analytics company in the education sector, has raised $33 million during its series C funding to help schools measure the impact of technology in K-12.
With previous funding of $18.5 million in 2012, BrightBytes now has over $50 million to accelerate the growth of its SaaS platform, Clarity, which helps schools link student achievement to technology and to make better data-driven decisions.
Bessemer Venture Partners, Learn Capital and Rethink Education participated in the funding, but Insight Venture Partners led the round. The funding will help:
“[E]xpand BrightBytes’ Clarity platform for K-12 leaders, continue globalization of its customer base and develop engineering and customer success teams. As part of the transaction Nick Sinai, Venture Partner at Insight Venture Partners will join the BrightBytes board of directors.”
The San Francisco-based startup provides tools to school districts and educational institutions to help them improve the usefulness of their data and to optimize technology to achieve better learning outcomes for students. For example, Clarity helps schools identify and monitor student dropout rates and provides information to leaders regarding at-risk student identification, digital safety, technology efficacy and data privacy.
By evaluating how spending for the classroom, student skills, access and the environment improves or stunts student learning, BrightBytes offers evidence-based solutions and guidance. VentureBeat reports that ”BrightBytes is all about telling those who make the purchasing decisions how they should be spending money on technology.”
The company believes that data is a key to improving education. BrightBytes CEO Rob Mancabelli said that additional funding will help support services:
“BrightBytes was founded with the mission to improve the way the world learns through the use of data,” he said. “Our partnership with Insight Venture Partners will allow us to continue our pursuit of that goal as we develop our team and widen the scope of our research and data analytics platform.”
Nick Sinai, a Venture Partner at Insight Venture Partners, will join the company’s board of directors:
“We see a large global market using data analytics to improve education, and the BrightBytes team is building a category-defining company.”
Education technology companies are attracting substantial funding from top firms in recent years. Ed tech funding in 2014 was almost $2 billion according to Fast Company. Insight Venture Partners, a private equity and venture firm, has previously funded Pluralsight, Instructure and Udemy. The company also acquired iParadigms for $752 million last summer.
Google Capital has also invested $40 million in Renaissance learning, an online education company, and LinkedIn acquired Lynda.com, a skills learning website for $1.5 billion this spring.
Twenty percent of US schools are using Clarity, BrightBytes’ flagship program, to improve student learning outcomes.