Axonify Raises $ 27 Million to Drive Employee Learning

by bold-lichterman

  • Axonify, which publishes e-learning software for businesses, has just completed a funding round of $ 27 million to finance the development of its platform.
  • The Canadian start-up is developing a SaaS platform allowing companies to modernize their learning methods to achieve better business results.
  • In the e-learning market, new players have emerged in recent months, such as LinkedIn, which introduced LinkedIn Learning, an online course platform at the end of September.

The amount

The Canadian start-up Axonify, which publishes e-learning software for businesses, has just completed a funding round of $ 27 million. JMI Equity and BDC Capital led the transaction.

The market

Founded in 2011, Axonify is developing a SaaS platform that enables companies to modernize their learning methods to achieve better business results. Focused on employee skills, it emphasizes repeating the basic concepts to know with the help of a schedule of regular reminders. The constant stimulation of employees allows them to more easily integrate the elements to be implemented in their work.

This learning results in mini-games in which users are invited to answer questions. These are user-specific in terms of difficulty and content. Through responses, Axonify thus captures confidence in employee responses. Once they are made aware of the correlation between their confidence and their accuracy, Axonify, which counts Walmart and Toyota among its customers, believes that they “are more likely to break their bad habits“.

In the e-learning market, new players have emerged in recent months. LinkedIn notably positioned itself in this segment by presenting at the end of September LinkedIn Learning, an online course platform. The professional social network claims a base of 9,000 courses for its new site. LinkedIn has already planned a packaged offer for companies that will be able to register their employees. Other players are also involved in Mooc, such as Coursera, Udacity or Teachlr.

The objectives of the Start-up

Axonify plans to use this investment to finance the development of its platform. The Canadian company aims to become the benchmark for acquiring employee knowledge to offer a training model that is more effective than traditional (and boring) training. Economically, Axonify says its solution saves businesses money. The Waterloo-based start-up estimates that the average cost of training per employee is over $ 1,600 per year.

CEO: Carol Leaman

Launch: 2011

The head office : Waterloo (Canada)

Activity: e-learning platform for companies

Funding: $ 27 million raised in November 2016

Competitors: LinkedIn, Coursera, Udacity …

Read also: LinkedIn makes e-learning its new growth driver