Biometric online test proctoring company Examity raises $90 million in private equity funding
Online exam proctoring tool provider Examity has raised $90 million in a private equity funding round from Great Hill Partners to accelerate its expansion and support continued research and development as it applies biometrics and machine learning to secure online tests against cheating.
Examity launched mobile identity authentication platform examiGO in 2017 with fingerprint, voice and facial biometrics. The same year the company raised $21 million in a round led by University Ventures, which is now exiting the majority of its investment. Examity’s technology now also includes keystroke biometrics, according to various web references.
Examity’s technology supports a range of proctoring modalities, including automated and live, and the company will proctor more than 2 million exams this year for higher education institutions including Penn State University and Texas A&M. It also supports employers and certification providers, such as Amazon and MongoDB, in their online learning programs. The company says it has doubled in size just in the past year as online education grows. One-third of all college students take at least one course online, according to the announcement, and 9 in 10 companies offer digital learning programs to employees.
“As college cheating scandals continue to make headlines, institutions are turning to technology to validate the learning experience and ensure confidence in student outcomes,” said Michael London, Founder and CEO of Examity. “This investment will enable us to scale and help universities, employers, and certification providers make good on the promise of online education for test-takers worldwide.”
Examity was recognized as the fastest-growing Edtech company in North America in Deloitte’s 2018 Fast 500.
Technavio has previously forecasted the market for biometrics in education to grow at a 26 percent CAGR from 2017 to 2021.