By Nancy Dahlberg
Honorlock, a Boca Raton-based ed-tech startup, announced that it has raised $11.5 million in Series A funding. The round was led by Neil Sequeira from Silicon Valley venture firm Defy Partners.
The funding will be used for expansion into new markets. Honorlock also announced that Steve Miller, founder of Highwinds and Omnicron, Neil Sequeira, co-founder of Defy, and Thomas Whytas, former CFO of METI, joined Honorlock’s board.
Honorlock, co-founded by FAU graduates Adam Roth and Elena Soboleva in 2015 and incubated at FAU Tech Runway, is an online proctoring service for educational institutions to protect academic integrity in online assessments. The startup beta tested at Florida Atlantic University.
Today, the cloud-based proctoring system integrates with a school’s learning management system. Its hybrid proctoring model combines AI with live proctors to thwart cheating while delivering a non-threatening online testing environment for honest test-takers, the company said.
Honorlock said it experienced triple-digit growth in 2019, including proctoring exams for three of the 10 largest universities in the United States. The company has raised $15.7 million in total, according to Crunchbase.
"We are energized by the growth we've experienced this past year and have ambitious plans to accelerate it," said Michael Hemlepp, CEO of Honorlock, in a statement. "With the influx of capital and the power and expertise of both our board of directors and tech advisory board, we are uniquely positioned to deliver extreme value to our clients."
Clients include University of Florida, Florida International University, FAU, University of Alabama Little Rock and Utah State University.
"We are excited to be partnering with Honorlock at a time when their high quality, remote ed-tech solutions are critically important. With online proctoring growing to a $19b market, we know the opportunity ahead for Honorlock is bright," said Sequeira. "We look forward to providing additional resources and working closely with Michael and the Honorlock leadership team to continue their tremendous growth and expansion."
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