EdTech Startup Picmonic closes on $1.25M led by Arizona investors
Who knew goofy cartoon pictures would help students learn science? Apparently investors did, and they doubled down on their bet. Picmonic, a research proven audiovisual mnemonic tool that helps students master science, announced today that it has closed $1.25 million in a convertible note financing, bringing total funds raised by the company to $2.6 million.
This startup has been on the move since their launch; they’ve won major pitch competitions around the state, such as the Arizona Commerce Authority Innovation Challenge ($250K), and continued to expand their learning community to more than 500 U.S. and international schools.
Financing was led by three Arizona investor groups including Arizona Tech Investors (ATI), The Desert Angels and individuals from Canal Partners with EdTech entrepreneur angel investor Matthew Pittinsky, CEO of Parchment and co-founder of Blackboard, leading the charge.
“Few online trends are as transformative as visual and social sharing,” said Pittinsky. “Picmonic is uniquely positioned to harness the potential of visual platforms for learning, creating a vibrant online community in the process.”
As part of the deal, Bob La Loggia, angel investor and CEO Appointment-Plus, and Pittinsky have joined the Board of Directors.
La Loggia stated, “Both the Arizona Tech Investors and the Desert Angels are very excited to be a part of the Picmonic story. We were very impressed with the company’s early traction and the platform’s recent technology advancements. Picmonic is a great example of the dynamic EdTech cluster that’s developed in Arizona.”
The financing comes after a momentous third quarter after Picmonic launched the newest platform, Picmonic Version 2 (V2), which is designed to strike higher level of learner engagement and proficiency.
Picmonic CEO and co-founder Ron Robertson says that the capital will help expand their product into new markets, including nursing and postsecondary, and “…support the release of our native mobile application, enhancing the learning experience for users on the go.” Currently, Picmonic is servicing medical, nursing and pro-health learner communities.