Udacity announced that it has signed a $75 million debt facility, with Hercules Capital (NYSE: HTGC) serving as the underwriter, according to a statement Tuesday. In addition, the company claimed it had reached profitability. 

Udacity will use the capital to continue investing in its platform to attract more business customers.

It also announced its Q3 bookings from enterprise and government business rose by 120% year-over-year, total bookings increased 80% year-over-year, and ARR increased 260% in H1 2020.

Founded in 2011, Udacity develops an online learning platform offering programs in artificial intelligence, machine learning, the robotics sector, data science, autonomous systems, and cloud computing.

It said the recent growth is driven by the increasing interest from businesses and governments for talents with the most in-demand and emerging technology skills.

Udacity's clients now include five of the world's top seven aerospace companies, three of the Big Four professional services firms, the world's leading pharmaceutical company, Egypt's Information Technology Industry Development Agency, and three of the four branches of the United States Department of Defense.

"Given Udacity's growth, focus on sustainable business practices, and expanding reach across multiple industries, we are excited to provide this investment," said Steve Kuo, Senior Managing Director and Technology Group Head at Hercules Capital.