Providing Texting and chatbot for higher education institutions, Ocelot raises $117M in its first outside funding
US-based edtech startup Ocelot announced recently that it has raised $117 million its first outside funding led by K1 Investment Management.
According to the company, the fresh capital will be used to fuel growth, develop new services for colleges and improve existing products.
Ocelot was founded by Damon Vangelis in 2003. The company started from student support, including financial aid, admissions, and admissions.
The investment comes a few years after Ocelot pivoted toward using artificial intelligence to create chatbots and texting services for students. Before that, Ocelot got its start by creating financial aid publications and videos for colleges.
The large investment comes at a time when ed tech funding is slowing down. Ed tech companies are expected to finish the year with around $17.4 billion in venture funding, down from about $20.8 billion last year, according to a recent estimate from HolonIQ, a market analysis firm.
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