Venture Capital News: Honorlock Raises $11.5M Series A Round
BOCA RATON, FL, Honorlock today announced that it raised $11.5 million in a Series A funding round.
Honorlock, an online proctoring service that is transforming how educational institutions protect academic integrity in online assessments, today announced that it raised $11.5 million in Series A funding led by Neil Sequeira from Defy Partners. The funding will be used to accelerate Honorlock's growth, technology and expansion into new markets. The company also is announcing three new appointments to its board, Steve Miller, founder of Highwinds and Omnicron, Neil Sequeira, co-founder of Defy, and Thomas Whytas, former CFO of METI.
Honorlock's hybrid proctoring model combines AI and machine learning with live proctors to thwart cheating while delivering a non-threatening online testing environment for honest test-takers. The company experienced triple-digit growth in 2019, including proctoring exams for three of the 10 largest universities in the US.
"We are excited to be partnering with Honorlock at a time when their high quality, remote ed-tech solutions are critically important. With online proctoring growing to a $19b market, we know the opportunity ahead for Honorlock is bright," said Sequeira. "We look forward to providing additional resources and working closely with Michael and the Honorlock leadership team to continue their tremendous growth and expansion."
Honorlock is a cloud-based proctoring system that integrates with a school's learning management system and is designed around usability and ease of use. Clients include top-ranked University of Florida, the University of North Alabama and Florida International University.
"We are energized by the growth we've experienced this past year and have ambitious plans to accelerate it," said Michael Hemlepp, CEO of Honorlock. "With the influx of capital and the power and expertise of both our board of directors and tech advisory board, we are uniquely positioned to deliver extreme value to our clients."
Honorlock is revolutionizing the way education institutions protect academic integrity in online courses and assessments. Used by three of the 10 largest universities in the US, Honorlock's proprietary features provide educators with the assurance that their test is protected, and students with the flexibility of proctored exams whenever and wherever they need it. Honorlock is dedicated to providing world-class service and support 24/7/365. www.honorlock.com.
About Defy Partners
Founded in 2016, Defy is a Silicon Valley based venture firm exclusively focused on early Series A, an underserved part of the venture landscape. The firm launched in 2017 with a $151 million fund and closed its second fund of $262 million in early 2019. Defy was co-founded by long-term venture capitalists Neil Sequeira and Trae Vassallo, with a goal to invest in entrepreneurs and companies looking to solve complex problems. Defy's focus is to help companies, after seed funding, mature and scale into companies ready for growth capital. Connect with Defy at https://defy.vc/ and @defyvc
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