Esme Learning Solutions Secures $7.5 Mn In Series A Funding Round Led By Adit Ventures
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Digital learning platform Esme Learning Solutions on Tuesday announced that it has raised $7.5 million in a Series A financing round led by venture capital firm Adit Ventures, with a technology thematic investment focus.
The funds will support company growth across all facets of its operations, from headcount to course offerings. The new funding will also be dedicated to further developing the company’s course methodology and core artificial intelligence (AI) technology, which includes developing more tools underpinned by AI to reinvent remote learning for increased student engagement and success.
The platform has been said to incorporate AI-enabled tools designed to optimize human performance that enhance digital collaboration, and are grounded in over 15 years of peer-reviewed cognitive and neuroscience research. To ensure improved outcomes and greater transformational impact, Esme Learning course experiences emphasize experiential learning with numerous opportunities to apply knowledge, such as live simulations and small group exercises that emulate work scenarios.
As digital transformation continues to evolve society and the way one works, the need to upskill and re-skill working professionals across every industry is becoming even more critical. Esme Learning Solutions claims to have a focus on course offerings that will prepare individuals for jobs of the future, emphasizing emerging technologies, such as cybersecurity, fintech, and blockchain.
“Digital learning is growing at a rapid rate – 400 per cent faster than the general education market – and the growth has only accelerated during the pandemic. Now, there's a sense of urgency to improve the effectiveness of online learning. With specialized AI, online learning can be highly customized and personalized. Esme Learning uses new kinds of AI systems to deliver tangible career impact, helping universities, corporations, and governments foster the workforce of the future,” shared David Shrier, co-founder, and managing director, Esme Learning Solutions.
The online classes’ aim is to provide a different approach to the current online learning experience and have been well-received by learners.
According to the statement released by the company, more than 90 per cent of its students reported that course offerings met or exceeded their expectations, and when compared to Massive Open Online Course (MOOCs), the platform delivers a 3,000 per cent improvement on students successfully finishing courses. Over 90 per cent of students agreed that Esme course content was engaging, and 96 per cent enrolled in a recent Esme Learning course reported satisfaction with group collaboration, which is a major tenet of Esme Learning’s solution.
And when compared to other concierge learning companies, Esme Learning students see 23 per cent higher grades over learners who simply viewed and read the materials, as well as 35 per cent higher completion rates, the report further said.
“Esme Learning has a clear pathway for success as the only digital learning company to implement an AI-enabled platform working in conjunction with top universities that create a better learning experience," added Michael Block, board member, Esme Learning Solutions, and managing director, Adit Ventures. “Esme Learning’s rapidly growing portfolio of courses with the leading universities of the world creates a compelling investment opportunity for us, expanding on our thesis that AI brings real transformation to the future of digital learning. We are particularly excited to back such experienced entrepreneurs with deep domain expertise in education, cognitive science, and AI.”
Esme Learning’s current, six-week online course offerings include Oxford Fintech Programme and Oxford Cyber Security for Business Leaders, with more university partners and course offerings to be announced throughout Q1 2021.
The establishment will also be launching classes with MIT. To support increased platform demand by learners and universities, the company will double its headcount this quarter.
In conjunction with this funding round, Lynn Hollen Lees, former vice provost, University of Pennsylvania, and Jon Cropper, former president, Bad Boy Entertainment will be joining the Esme Learning advisory board.