Spectrum K12 School Solutions, Inc. Secures $7.4 Million in Venture Funding
Spectrum K12 School Soultions Inc. — Tuesday, October 07, 2008
Funding To Significantly Expand Spectrum K12 Exceed™ Student Achievement Management Solution
TOWSON, Md., Oct. 7, 2008/via PRNewswire/ -- Spectrum K12 School Solutions Inc., the leading provider of student achievement management software solutions for K12 school districts today announced that it has completed a round of financing led by Novak Biddle Venture Partners, Capital Trust Ventures, Comerica Bank and MMV Financial Inc.
This round of financing will expand Spectrum K12's patented, award winning student achievement management software products including response to intervention and service provider management. Spectrum K12 student achievement management software has enabled personalized learning for over 5 million children in 29 states in support of their mission to close the achievement gap and Move Every Child Forward(TM).
"As early investors, we have worked with the Spectrum K12 management team since its inception, and the company has now hit a new peak in its growth cycle," said Roger Novak, General Partner with Novak Biddle. "Spectrum K12 has established itself in the education industry as the go-to solution for school districts with cutting edge technology to more effectively manage the individualized learning process for all students. We are excited to help them continue their mission and expand their operations."
"Spectrum K12's technology modernizes and greatly improves the way educators teach. By transitioning from a 'one-to-many' approach to the customized 'one-to-one' teaching method, students learn in a more effective, supportive environment," said John Oswald, Managing General Partner of Capital Trust Ventures. "This company has 10 years of experience in the special education space and they are now able to bring their technology to a broader student base ranging from infants and toddlers to life-long learners."
"Spectrum K12 represents an opportunity for MMV to invest in a technology and market leader in the education industry. We were very impressed with the management team and the Company's leadership in the fast growing RTI segment of the market," said Greg Dimmer, Senior Vice President of MMV Financial. "We are pleased to join the existing investors and look forward to working with them and the Company's management team."
"In this difficult capital market, Spectrum K12 secured this additional financing which is a significant expression of enthusiasm in the company from the existing investors and MMV Financial. Spectrum K12's momentum has never been stronger from an operational, sales, marketing and financial perspective than it is right now. This investment enables us to continue honing our operational excellence and increase our footprint in the market," stated Jim Marshall, President and CEO of Spectrum K12. "This round of funding is part of Spectrum K12's strategic growth plan, and re-enforces our roadmap and commitment to provide the level of service districts expect and deserve to Move Every Child Forward."
About Spectrum K12 School Solutions
Spectrum K12 School Solutions Inc. is the leading provider of Response to Intervention (RTI) and special education IEP software serving 11% of the U.S. K-12 student population including 20 of the top 100 school districts in the United States. Our patented software is a dynamic student achievement management system that has enabled personalized learning for over 5 million children in 29 states in support of our mission to close the achievement gap and Move Every Child Forward(TM).
Working collaboratively with districts of all sizes, we deliver scalable, practical web-based solutions that lift the administrative burden from education professionals so they can focus on the most important part of their work: educating children and improving student achievement. For more information visit www.spectrumK12.com.
About Novak Biddle Venture Partners
Novak Biddle Venture Partners is a leading early stage venture capital firm focused on unique, cutting-edge technology investments in the Eastern United States, as well as targeted opportunities nationwide. With $580 million under management, Novak Biddle operates five venture funds that currently provide equity financing and management assistance to 42 portfolio companies. Novak Biddle continues to seek business situations where the combination of ideas, dollars, experience, and relationships can create long term, sustainable value. A sampling of companies funded by Novak Biddle include: RFID first-mover Matrics, voice over IP trailblazer Telogy, education technology leader Blackboard Inc. and intelligent video surveillance pioneer ObjectVideo. For more information, visit www.novakbiddle.com
About Capital Trust Ventures
Capital Trust Ventures provides growth-stage venture capital financing for information technology companies. Our approach is to invest in high-growth businesses, help them achieve scale, and exit successfully. Our experienced team of partners has extensive investing and entrepreneurial experience in multiple sectors including application software, emerging technologies, vertical software, new media, internet content, e-commerce, and infrastructure software. For more information please visit: http://www.capitaltrustventures.com/
About Comerica Bank
Comerica is a multi-faceted corporation with an abiding sense of community. From investor relations and the latest information on our company to career opportunities and our commitment to community and diversity. For more information please visit: http://www.comerica.com/
About MMV Financial, Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de depot et placement du Quebec, Fonds de Solidarite des Travailleurs du Quebec, HSBC, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com
Contact: Sue Hanson, Spectrum K12 School Solutions, 763-657-0987, shanson@spectrumK12.com