Honorlock, an online exam proctoring service provider, has raised $25 million in a Series B funding round led by education technology-focused venture capital firm Owl Ventures.
California-based Defy Partners and Arsenal Growth also participated in the round.
The latest funding comes a year after the Boca Raton-based education technology company had raised $11.5 million to accelerate its technology and talent investments.
Honorlock provides on-demand online exam proctoring services, enabling schools and universities to offer remote assessments while protecting exam integrity. The platform is also used by organizations and businesses that provide professional development certifications. The company claims that its patented mobile device detection system is the only technology of its kind. It also claims to serve more than 300 corporate and higher education online proctoring customers.
According to Michael Hemlepp, Chief Executive Officer, Honorlock, the demand for the company’s online exam proctoring services exploded during the Covid-19 pandemic as schools, universities, and businesses traded in-person instruction for online courses. He said, “The pandemic highlighted an existing need for remote proctoring that honors and supports the test-taker experience while protecting the integrity of learning institutions.”
The new funding will enable Honorlock to grow its footprint in the higher education market, the CEO added. The company said it plans to use the fresh capital to enter into new markets.
Commenting on the investment, Amit Patel, Managing Director, Owl Ventures, said the venture capital firm jumped at the opportunity to be at the forefront of the education industry’s shift to remote learning. He said, “Academic institutions are in the process of a much-needed tech revolution, and it’s happening fast. Honorlock is helping move education forward by solving some of the most complex challenges schools face when building an effective and fair remote-learning infrastructure.”
Honorlock said the demand for its platform is projected to rise even as students return to in-person classes. Colleges and universities are expected to continue their online exam offerings to accommodate full-time remote students and others who may not be able to travel to campus for a test. Some instructors prefer to use online proctored exams to free up classroom time for other activities, it added.
