The developer of Canvas, a cloud-based learning management system used by more than 30 educational institutions as an alternative to Blackboard, has raised a second round of funding from OpenView Venture Partners, EPIC Ventures, TomorrowVentures and Tim Draper of Draper Fisher Jurvetson, peHUB reports. Infrastructure was founded in 2008 at Brigham Young University.
Instructure makes the online learning management system Canvas, a competitor to industry giant Blackboard Inc., the Washington, D.C.-based giant which currently has 9,350 clients
Find out where the next investment opportunity is…. Education Industry Insights..
Founded in 2008 <http://www.instructure.com/about-us> by two computer science graduate students at Brigham Young University, Instructure’s mission is to supplant Blackboard, whose stock is soaring with news of a potential takeover, as the preeminent LMS provider. Its employees must embrace that mission to thrive at the company, said Coates, who has equity in the company but receives only a $1 annual salary.
“The people we hire have to understand why we’re fighting,” he said. “They don’t have to come from an educational background, but they have to understand that most of the schools in the U.S. are using software that is 10 years old.”
Instructure believes its advantage is that its cloud-based LMS is open-source, meaning both that anyone can access the technology for free, but also that students can link the content of Canvas to their Twitter and Facebook accounts and even their cell phones. A generation of students raised on real-time information updates don’t want to log onto a specific Website several times a day to keep up on schedule changes, Coates said.
“We’re going through a cultural shift and the educational platforms need to accommodate that shift,” he said.
Coates said that the company offers competitive compensation packages and that all employees receive stock.