PHOENIX--(BUSINESS WIRE)--Picmonic, Inc., the visual learning community, has closed a $2.3 million funding round. The Tempe, Ariz., EdTech startup will use the financing to further the mission of helping students succeed. The funds will go toward enhancing its visual learning platform where users create, share and explore audiovisual study cards, called picture mnemonics or “Picmonics.”
“Multimedia learning will fundamentally transform how the modern day student is able to comprehend, retain and apply knowledge,” said Ron Robertson, CEO and co-founder of Picmonic. “This raise will allow us to create an even more simple, efficient and personalized learning experience for the 100,000 plus medical and nursing student users who currently rely on our platform.”
The new capital will also propel the development of a user authoring toolset that will give all student users the ability to create their own Picmonics. Several mobile enhancements will be rolled out alongside the added toolsets.
Picmonic plans to increase market penetration beyond their current student user base that spans 1,000 medical and nursing schools, as well as expand into new student disciplines. The $2.3 million brings the total money raised by Picmonic to $5 million since their founding in 2011. Professional investment groups 2M Companies of Texas and Tallwave Capital of Arizona participated in the raise, as did Arizona Tech Investors, Desert Angels, and CEO of Parchment and co-founder of Blackboard, Matt Pittinsky, also of Arizona.
“Picmonic is uniquely positioned to change the way people learn for the better,” said Ameeth Sankaran, Investment Partner, 2M Companies. “In a very short time, the company has made a significant impact on education, and we are excited about their future.”
Picmonic also plans to grow their Tempe-based team. “The additional financing will allow us to hire new marketing, customer facing, and technical talent, including additional PHP and iOS developers,” said Adeel Yang, President and co-founder, Picmonic. The firm currently employs more than 30 in the Phoenix area.
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Picmonic brings the power of social visual platforms to learning. It helps people create, share and explore highly effective audiovisual study cards, called “pictorial mnemonics” or Picmonics, which are proven to increase memorization capacity and improve long-term recall of information. They incorporate humor and unforgettable graphics to make learning fun. The Picmonic vision is of a social, educational platform where anyone can author, share and discover Picmonics to improve academic, professional and personal learning outcomes.
The Picmonic story began in medical education, where thousands of learners around the world are utilizing Picmonics to learn high stakes pre-medical, medical and nursing content and increase their test scores. Millions of postsecondary and professional education students across the globe will learn with Picmonic and have fun while mastering information like never before. Picmonic gives every student the power to create an engaging and personalized learning experience, while building a connected and collaborative learning community.
Established in 2011, Picmonic Inc was founded by two medical students and is backed by Matt Pittinsky and Bobby Babbrah.