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Venture Capital News: Querium Closes $800K Series A3 Round

2015-01-28
AUSTIN, TX, Querium has closed its Series A3 round totaling $800,000.
Querium Corporation today announced it has secured funding from ICG Ventures Inc., an Ingram Content Group company, as well as additional private investments, closing its Series A3 round totaling $800,000.

Querium will use the recently acquired funds to invest in product development and support its sales and marketing activities. The company will continue to advance its StepWise Virtual Tutor technology as well as its STEM-focused product line, including Querium MathBooster, and others under development.

'This strategic investment from ICG Ventures underscores our joint vision to make online learning more interactive and adaptive,' said Kent Fuka, Founder and CEO of Querium. 'The combination of Ingram's leading market position, anchored by their leading content delivery platform for digital educational content and our advanced assessment technology, promises to be transformative for students, institutions and the future global workforce.'

Querium's patent-pending, Artificial Intelligence-based StepWise virtual tutor technology acts as either a tutor or a grading assistant for solving STEM problems. In tutoring mode, the personalized and adaptive engine allows students to show their work, intervening immediately when they make mistakes and generating hints when they get stuck. It features handwriting recognition technology to give students a natural experience similar to writing on paper. In grading assistant mode, the engine provides partial credit and fine-grained data analysis of students' problem-solving ability.

'Querium has developed innovative digital tools to empower students and instructors in mathematics and other education disciplines,' said David Roland, Chief Venture Capital Officer, Ingram Content Group Inc. 'We immediately saw the relevance of the technology for today's online learners and its ability to solve some of the hard problems related to mathematics instruction in a digital format.'

In January 2014, Querium launched TSI Math Prep, a program to help students prepare for the mathematics portion of the new Texas Success Initiative (TSI) Assessment. In October, the company announced a strategic partnership with Austin-based Sapling Learning, a division of Macmillan Publishing Ltd, to bring its StepWise performance assessment program and MathBooster for TSI Assessment product to 1,200 school districts throughout Texas beginning in fall 2015.

About Querium Corp

Querium was founded in January 2013 to help 24 million students master critical math and science skills, enabling them to achieve their career goals. Designed for digital natives, Querium's mobile learning software platform delivers smart diagnostics and personalized, bite-sized lessons. Its unique, cloud-hosted, artificial-intelligence (A.I.) software products are targeted at U.S. middle school, high school and college students. www.querium.com.

About Ingram

Ingram Content Group Inc. is a subsidiary of Nashville-based Ingram Industries Inc. The company got its start in 1964 as a textbook depository and has since grown and transformed into a comprehensive publishing industry services company that offers numerous solutions, including physical book distribution, print-on-demand and digital services. Committed to the success of its partners, Ingram works closely with publishers, retailers, libraries and schools around the world to provide them with the right products and services to help them succeed in the dynamic and increasingly complex world of content publishing. Ingram's operating units are Ingram Book Company, Lightning Source Inc., Vital Source Technologies, Inc., Ingram Periodicals Inc., Ingram International Inc., Ingram Library Services Inc., Spring Arbor Distributors Inc., Ingram Publisher Services Inc., Tennessee Book Company LLC, Coutts Information Services, and ICG Ventures Inc. Learn more about Ingram Content Group at www.ingramcontent.com.
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