Foradian Technologies, an ed-tech startup that provides software for administration, management and learning related activities, announced it has received a $2 million funding from angel investor William Bissell.
Founded in 2009, Foradian is a Bangalore-based company that provides open-source SaaS solutions in education institutions. The company will use the new capital to improve its flagship ERP product Fedena and market it globally. Fedena is an ERP, a school and campus management system made for schools and colleges. This management software can be used to manage students, teachers, employees, courses and process related to running an institute.
The company offers two software products for the education sector, Fedena and Uzity- an online training and learning management system. Considering the post-funding plan, it is evident that Fedena is the Foradian’s winning product. The company has seven founders, and is led by Abdullah Hisham and Unnikrishnan Koroth.
Foradian claims its products are used in 40,000 schools, including 15,000 government-run schools in Kerala, and schools in South America and Africa. The company’s statement says that investor Bissell noticed Foradian’s student management system while it was being used in The Fabindia School in Rajasthan.
Bissell also holds the role of MD, Fabindia. This is the second publicly known investment by Bissell in a startup, according to a Forbes report. In September 2013, he had participated in a second round funding of Big Data start up Crayon Data Pte Ltd that raised $1.4 million. The entrepreneur is said to have invested in two more start ups, but this is yet to be confirmed.
Other investments in education sector
– Function Space, a learning network raised seed funding from Nexus Venture Partners.
– Mobile-focused education marketplace GradeStack raised an investment from Times Internet Limited.
– Learning Edge Academy of Professionals Pvt Ltd (LEAP) e-learning platform raised funding from Sarthi Angel Venture Foundation (SAVF)
– Everest Edusys which offers science education solutions to schools raised funding from Lok Capital and Chennai Angels.
– Education products and services company Skyfi Labs raised an nvestment from Chennai Angels and the investment bank Spark Capital.