Honorlock Raises $11.5 Million to Expand Online Proctoring Services

Financing

Honorlock Raises $11.5 Million to Expand Online Proctoring Services

Mar 23, 2020

Honorlock, a provider of online proctoring tools, has raised $11.5 million in a Series A round led by Defy Capital. On top of a $4.2 million seed round closed last year, the Boca Raton, Fla.-based startup has now raised $15.7 million in total.

As part of the deal, Defy Capital co-founder Neil Sequeira, along with Steve Miller and Thomas Whytas, will join the company’s board of directors.

Founded in 2015, Honorlock provides cloud-based proctoring services, which integrate with third-party learning management and assessment systems, to ensure that students are not cheating when taking online tests. These tools leverage artificial intelligence to detect when something inappropriate may be happening, and will flag a human proctor to check in.

The company also offers a “search and destroy” feature that will scan the internet for copies of test questions on other websites and issue takedown notices.

In its funding announcement, the company claimed it saw “triple-digit growth in 2019” and counts some of the biggest higher-ed institutions among its customers, including the University of Florida, University of North Alabama and Florida International University.

As the market for online learning grows, so has investors’ interest in digital proctoring services. In January, private equity group Eastside Partners invested $30 million to merge two providers into one: Meazure Learning. Last year, another company, Examity raised $90 million from private equity firm Great Hill Partners.

 

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