Date: Jul 09, 2015 Author: Christopher Calnan Source: bizjournals (
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Seven months after closing a Series A-3 round of funding, eLearning company Querium Corp. has completed a debt financing to expand development of its software, CEO Kent Fuka said.
The Austin company's artificial intelligence software, called StepWise Virtual Tour, is designed to check the work of high school students solving math problems to keep them on track. The additional capital is expected to fund further tech development, business development and hire more workers, Fuka said Thursday.
"We're continuing to add more testing capabilities to our product," he said.
Querium raised $741,813 of a planned $900,000 funding involving six investors, according to a filing with the U.S. Securities and Exchange Commission. But Fuka said the company has since raised $750,000, and he expects to collect $50,000 more by the end of the month.
Investors include SustainVC LLC, which operates offices in Massachusetts and Pennsylvania, and Austin-based Wild Basin Investments. In January, Querium reported completing an $800,000 Series A-3 round of financing from investors that included Tennessee-based ICG Ventures Inc.
Querium, which launched in 2013, develops an adaptive learning program designed to enable prospective Texas college students to prepare for the state-mandated TSI Assessment placement test. The company, which employs six workers, is projected to reach profitability within 12 months, Fuka said.
Fuka is also a board member of Austin-based Thinkwell Corp. and the president of KNCL Management Inc., a consulting firm for technology startups.
