Axiom Education LLC Secures $150,000 in Pre-Seed Funding
Rocky Hill, Conn., June 20, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based economic development, today announced it has committed $150,000 in financing to Axiom Education LLC of Shelton, Conn., through its Pre-Seed Fund. Axiom Education will use the financing to continue product development and sales and marketing activities. The company has secured required matching funds from an individual investor.
“Axiom Education is a great example of the interconnection of innovation, education and economic development. Having licensed its core technology from Fairfield University, Axiom Education is tapping into one of our state’s strongest resources – the intellectual capital residing at Connecticut colleges and universities,” said Claire Leonardi, chief executive officer and executive director of CI. “Axiom Education demonstrates how important it is for businesses, particularly entrepreneurial ventures, to cultivate relationships with our institutions of higher education. These are the kind of investments the Malloy administration is pursuing because they foster innovation, creativity, job growth, and ultimately will lead to Connecticut’s economic revival.”
Axiom Education has developed a Web-based course and learning outcomes assessment platform for K-12 and higher education institutions. The company’s software-as-a-service (SaaS) solution, called Mentor, will help educational institutions monitor learning outcomes and report outcomes and course assessments to accrediting agencies. Mentor offers a faster, simpler and less expensive solution than current alternatives and integrates course management, learning objectives, curricula, assignments and portfolios with assessments for accrediting agencies. Additionally, there are modules that assist with faculty activity reporting, student course evaluations, Institutional Review Board protocol review, grants and general surveys and testing. The company’s platform aims to make the overall accreditation process more efficient and cost effective.
"We are excited about our partnership with CI and feel that this initial investment is a validation of what we have achieved so far,” said Chett Rubenstein, Axiom’s CEO and one of three founding members. He added, “This funding will help us to expand our operations and bring our powerful solution to a wider range of educational institutions.”
Mentor is the brainchild of Professor Curt Naser of Fairfield University, who is also Axiom’s founder and chief product officer. Naser stated, “We’ve come a long way from the original course management system I created after being frustrated by the other choices on the market. I believe that Mentor delivers an assessment alternative that is superior to any other solution available today.”
The Mentor platform is currently in use at Fairfield University, where it was developed. Other Mentor users include: Loyola University, Marymount University, Elon University, University of San Francisco and Easton Country Day School. Mentor has been used by Fairfield University to assist the accrediting teams from The Association to Advance Collegiate Schools of Business (AACSB), The National Council for Accreditation of Teacher Education (NCATE), New England Association of Schools and Colleges (NEASC), and Accreditation Board for Engineering and Technology (ABET).
CI’s Pre-Seed Fund supports the formation of new Connecticut technology companies. The fund provides loans of up to $150,000 to Connecticut-based startup and early-stage technology companies. Funding may be used for a wide range of startup expenses such as accounting, legal, intellectual property development, technology and prototype development, business plan development, technology assessments, market analyses, market entry strategy development and hiring of advisors and employees. CI’s team also provides mentoring and will help coordinate access to resources.
State Senator Kevin C. Kelly (R-21) said, "I am excited that Connecticut Innovations is helping startup companies to grow and develop here in Shelton. This emerging and innovative venture promises to not only improve efficiencies in our educational system but also strengthen Connecticut's information technology sector and lay the groundwork for future job creation."
David Guerrera, CI investment analyst, will monitor and advise Axiom Education on behalf of CI.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Axiom Education LLC
Axiom Education provides a solution for educational institutions, both higher education and K-12, to effectively manage assessment of student learning outcomes. This solution is provided as a web-based service called Mentor and combines course management, assessment and portfolios to achieve assessment at the point of learning. Axiom also provides modules that assist with faculty activity reporting, student course evaluations, general surveys and testing, and Institutional Review Board protocol review. For more information on Axiom Education LLC, please visit www.axiomeducation.com.