NEW YORK, NY (PRWEB) MAY 06, 2016
International investment group funds aggressive expansion in the US and other markets
DigiExam, the leading provider of digital tools to create and grade academic tests, today announced it raised $3.5 million in Series A. The round was led by a syndicate of tech entrepreneurs and investors from Europe and Asia including Joen Bonnier, of the Bonnier family, owner of the largest media group in Sweden.
DigiExam provides educators and schools with secure digital testing and exam software as a service (SaaS) solutions that replaces traditional pen and paper testing. With DigiExam, testing and examinations take less time to prepare, less time to take and less time to grade. DigiExam estimates it can save teachers 50% of their time in a test situation – time spent giving and grading traditional tests.
With the new investment, DigiExam will continue its international expansion in several new markets, including the US, and will continue to establish itself as the leading provider in the growing digital exam and assessment space. DigiExam already serves over 1,000 schools across 45 countries with several US institutions including Columbia University and the Hewitt School in New York City.
CEO and cofounder, Johan Hägglund, was frustrated and performing poorly on handwritten long exams during business school. He created DigiExam with Nima Marefat while studying at the Stockholm School of Economics, which became the company’s first customer. Officially launched in 2014 with headquarters in Stockholm, DigiExam has grown ten-fold in teacher and institutional adoption in the last 12 months and has a 100% retention rate with users who pay for advanced features.
“Secure, efficient, and reliable digital testing is better for teachers and students alike because it saves both time and money,” said Johan Hägglund. “As schools and educators see the savings, and digitally native students continue to favor digital testing spaces, the growth potential for our products is exponential.”
Unique to the industry, DigiExam is an intuitive and easy product for teachers and differentiates itself from the competition by being:
- 100% Reliable – High stakes testing environments demand technology solutions that are completely reliable and the DigiExam platform works online and offline where all data is continuously saved to avoid any form of data loss.
- Cheat proof – With a lockdown client, there is no way that students can browse the internet or in any other shape or form cheat on the exam. Additionally, the platform retains the anonymity of students to remove teacher bias when grading.
- Collaborative – DigiExam allows teachers to co-create and co-grade exams.
“It’s not whether schools will move to digital assessments, it’s when they do it and how,” said Joen Bonnier. “DigiExam has the potential to both transform school assessment practices and produce great return.”
DigiExam was originally backed with seed funding from Gustav Söderström, CPO of Spotify, Sophia Bendz, former CMO of Spotify and Sven Hagströmer, early investor and previous Chairman of Unicorn Klarna and have all made follow-on investment in DigiExam’s Series A financing.
DigiExam is the leading digital assessment provider to create, deliver and grade academic tests. Through a comprehensive, integrated set of tools, the platform makes life easier for teachers to prepare and grade exams, helps students to take tests more efficiently, and saves the environment and schools money by reducing paper wastage. DigiExam is 100% reliable, cheat proof and collaborative and currently serves over 1,000 schools in 45 countries.