Picmonic Closes $1.25M Convertible Note to Scale Leading Visual Learning Community
Total Picmonics Learned Surpasses the 15 Million Mark
PHOENIX, Ariz. (October 22, 2014) – Picmonic is the fast-growing visual learning community where people create, share and explore highly effective, audiovisual study cards featuring pictorial mnemonics called “Picmonics.” The EdTech startup 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.
Picmonic’s visual learning community provides a platform in which learners can author and share visual mnemonics for high stakes knowledge. While visual platforms such as Pinterest and Instagram are growing rapidly online, there is no visual platform for learning. Picmonic’s visual learning community currently focuses on medical, nursing and pre-health learners spanning more than 500 U.S. and international schools. These members have learned more than 15 million Picmonics, helping them retain and recall difficult information long after their exams.
The financing comes after a momentous third quarter during which Picmonic successfully launched the newest platform, Picmonic Version 2 (V2), which is designed to strike higher level of learner engagement and proficiency. As well, after its initial introduction in the medical market, Picmonic is now expanding into the tertiary markets of nursing and postsecondary.
“This influx of capital will help accelerate Picmonic’s expansion into new learning markets and support the release of our native mobile application, enhancing the learning experience for users on the go.” said Ron Robertson, Picmonic CEO and co-founder. “Its an exciting milestone that reflects the great growth we have achieved over the past year.”
Leading EdTech entrepreneur and angel investor Matthew Pittinsky, CEO of Parchment and co-founder of Blackboard, led the new financing. “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.”
Three major Arizona professional angel investment groups, including Arizona Tech Investors (ATI), The Desert Angels and individuals from Canal Partners, participated in the financing. Bob La Loggia, representative of the angel groups, 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.”
As part of the financing, Matthew Pittinsky and Bob La Loggia have joined Picmonic’s Board of Directors.
The $1.25 million bridge investment funding for Picmonic closed in September 2014. For more information about Picmonic, please visit picmonic.com.
Picmonic brings the power of social visual platforms to learning. We help people create, share and explore highly effective audiovisual study cards, called “pictorial mnemonics” or Picmonics. Picmonics are proven to increase memorization capacity and improve long-term recall of information by incorporating 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 — but that is just the beginning. 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 is headquartered in Tempe, AZ.
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