This Dublin-based edtech startup wants to help businesses unlock the power of learning; raises €47.2M

Learning

The European Learning Management System or LMS’s market growth is mostly attributed to the growing adoption of e-learning in training the employees. LMS software applications are designed to develop, manage, and track the report of educational courses and training programs.

According to a report, the market for Europe LMS is expected to reach $ 714.26M (approx €602.9M) by 2025, growing at a CAGR of 17.07% from 2020 to 2025. LMS is segmented into collaborative learning, content management, talent management, performance management, assessment, testing, and others.

The report also suggests that the global pandemic has impacted the adoption of digital learning technologies for the employees. The significant number of cases in the European region has resulted in the countries lockdown which created a dire need in the employment of the LMS in training newly recruited employees thereby impacting the growth of the market.

Cloud-based LMS Raises €47.2M

In a recent development, a Dublin-based company LearnUpon – a cloud-based LMS has received a $ 56M (approx €47.2M) growth equity investment from Summit Partners. 

Additionally, Antony Clavel, a Principal with Summit Partners, will be joining the LearnUpon Board of Directors.

The raised capital will be used by the company to boost its hiring, meet customer demand, and support the continued roll-out of its products.

Let’s learn about LearnUpon

The company was founded in 2012 by Brendan Noud and Des V. Anderson. LearnUpon was founded on the belief that a learning management system should be intuitive for users, quick and seamless to set up, and delivered with industry-leading customer support. The company’s LMS helps to train employees, partners, and customers.

LearnUpon is designed to enable more efficient delivery, tracking, measurement, and certification across numerous learning use-cases, including employee development, customer onboarding, partner education, and compliance training, all of which have traditionally been managed across different systems.

“We believe every learning opportunity should be an experience that advances employee, partner and customer success, and LearnUpon is purpose-built to help organisations of all sizes achieve this goal,” says Brendan Noud, CEO, and co-founder of LearnUpon. 

Development and expansion

The business currently employs 180 people across four offices – Dublin (HQ), Philadelphia, Sydney, and Belgrade – including more than 70 engineering and product development professionals.

Besides, it expects to add more than 100 engineers over the next 18 months to support continued product expansion. 

Noud mentions in a blogpost that LearnUpon has grown its annual recurring revenues by more than 50% year-on-year for each of the last 12 quarters. It has more than 1,000 customers worldwide, including Booking.com, Twilio, USA Football, and Zendesk.

According to him, the company also has 5-star ratings across Capterra, G2Crowd, GetApp, and TrustRadius.

Image credit: LearnUpon

Startups – Silicon Canals

Soleadify secures seed funding for database that uses machine learning to track 40M businesses

Usually, databases about companies have to be painstakingly updated by humans. Soleadify is a startup that uses machine learning to create profiles for businesses in any industry. The first of the company’s products is a business search engine that keeps over 40 million business profiles updated, currently used by hundreds of companies in the USA, Europe and Asia for sales and marketing activities.

It’s now secured $ 1.5 million in seed-round funding from European venture firms GapMinder Venture Partners and DayOne Capital, as well as several prominent business angels, through Seedblink, an equity crowdfunding platform based out of Bucharest, Romania.

The company plans to use the funds to further improve their technology, build partnerships and expand their marketing capabilities.

On top of Soleadify’s data, they build solutions for prospecting, market research, customer segmentation and industry monitoring.

The way it’s done is by frequently scanning billions of webpages, identifying and classifying relevant data points and creating connections between them. The result is a database of business data, which is normally only available through laborious, manual research.

Startups – TechCrunch

Audio learning startup Knowable switches to a $9.99-per-month subscription model – TechCrunch

Audio learning startup Knowable switches to a $ 9.99-per-month subscription model  TechCrunch
“startups when:1d” – Google News

Nym Health raises $16.5 million for its auditable machine learning tools for automating hospital billing

A little less than two years after raising its seed round, the Israeli-based Nym Health has added another $ 16.5 million to its cash haul so it can roll out its technology developing auditable machine learning tools for automating hospital billing.

The new financing came from investors, including GV (the investment arm of Google previously known as Google Ventures), and will be used by the company to expand its technology development and sales and marketing efforts across the U.S.

Billing has been a huge problem for healthcare systems in the U.S., thanks to complicated coding that needs to be entered to ensure insurance providers pay for the services medical professionals give to patients.

Nym claims to have solved the problem by developing technologies that can convert medical charts and electronic medical records from physician’s consultations into proper billing codes automatically. The company uses natural language processing and taxonomies that were specifically developed to understand clinical language to determine the optimal charge for each procedure, examination and diagnostic conducted for a patient, according to Nym.

The company was founded in 2018 by two former members of Israel’s 8200 cybersecurity unit of the army. Adam Rimon and Amihai Neiderman both wanted to work on something together and Neiderman was set on doing something in the medical space involving natural language processing. Rimon had just finished a doctorate in computational linguistics, so the move into charting and medical coding seemed natural.

“Because of our approach we can generate full audit trails,” said Neiderman. “We can explain how we understood everything in patient charts.”

Having automated processes that are also auditable is important for healthcare providers in case they need to provide justification to insurance companies for the services they performed.

Nym’s software can’t address fraud if physicians are padding their bills with services they didn’t offer, but it can provide an audit and justification for the services that a hospital coded for — and potentially wring more money for hospitals that lose out thanks to improperly coded bills. “On the medical decision-making we never intervene. We assume that the physician is trying to do their best and they’re sticking to the protocol,” said Neiderman. 

Interest in developing better billing systems for healthcare is high among venture investors, considering that coding related denials of payment can cost hospitals $ 15 billion, according to Nym. It’s a service that brought attention not just from GV, but Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global, and angel investors including Zach Weinberg and Nat Turner from Flatiron Health.

“Inaccurate coding is bad for everybody,” says Ben Robbins, a venture partner at GV.

Nym charges between $ 1 and $ 4 per chart it analyzes, and is already working with around 40 medical providers in the U.S., according to the company.

 

Startups – TechCrunch

Buying half, learning, buying other half

Hi all – I don’t own a business but ran into an interesting opportunity. What do you think? And what are some recommendations?

My daughter does gymnastics at a gymnastics gym. It’s rather smaller than the surrounding competitors but I’m finding that is a selling point for those parents that bring their kids there (instead of the puppy mill gyms). The actual gym needs a face lift, help with migrating from paper to online, advertising and marketing. Bones are there, but it’s run by a man who seems tired and quite frankly, depressed. He’s done everything himself – my husband is in IT so can handle the migration online and the advertising/marketing. The gym has virtually no online presence. Business is mostly by word of mouth. And I can handle the day to day (being in corporate business myself). Only one of us will quit our jobs once we go fully 100%, but at 50% we will continue to work FT.

I’ve known the owner for a couple years and we’ve had some serious conversations about buying into the business (starting at 50%). He’s agreed to teach me and my husband the business, how he runs it, what needs to improve and so forth… and then when comfortable wants to be bought out for the remaining 50%. We will have all the details set on a writer contract.

I’ve asked for balance sheets for last 3-5 years, full class offerings (which has much room for improvement), and business goals. What else needs to be done? I’m new to all of this but don’t even know where to start!

Also, he is on a 7 year lease (one year 3 of 7, now) – and I’ve asked for a copy of this as well.

I’ll analyze the numbers, but from conversations I think he is just depressed and wants out. His wife is terminally ill and he needed to send his daughter back to Europe to live with his parents while he cares for his wife. It’s sad – but I think he’s just lonely and likely wants to go back to Europe and wants out of the business.

It’s located in NY/NJ area. Initial price discussed was 120k, but I need to see numbers to see if this makes sense (I think it’s high, but I think he will go down). I think I’d aim for 80k

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