ProctorFree raises funding, closes partnerships

Feb. 1.  ProctorFree, a Charlotte-based automated exam proctoring service, announced a successful round of investment funding to close out 2015 and contribute to continued growth in 2016.  This financing round was led by Real Ventures with participation by Task Force X Capital and other select, individual investors.  This funding will enable ProctorFree to maintain and enhance its cutting-edge technology, accelerate sales and marketing, and add key new hires as the team grows to meet market demands.  The funding amount is undisclosed.

ProctorFree, founded in 2012, provides automated exam proctoring for students taking online assessments in higher education and business settings.

“We are continuing to bring the best partners, customers and growth-drivers into this organization. We are delighted to partner with Real Ventures, an institutional venture capital firm, and we welcome Mark McDowell, a Special Limited Partner at Real, to our board of directors.  There’s a lot to be excited about for 2016,” said ProctorFree co-founder Mike Murphy.

Prior to this financing, ProctorFree was an NC IDEA Grant Fund winner and had received angel investments from several esteemed individuals located in the greater North Carolina region.

“Our team did a fantastic job executing at the end of 2015, and we have some additional key hires joining us in the first quarter of 2016,” said co-founder Velvet Nelson.  “Moving forward in a partnership with Real Ventures and Task Force X Capital will help us maintain focus on what’s most important to better serve our customers and partners as we grow.”

ProctorFree is looking for experienced, entrepreneurial software developers to be a part of its continued growth. Interested parties can email the company at [email protected].

Real Ventures is Canada’s largest and most active early-stage venture fund.  Real Ventures invests in ambitious entrepreneurs who are creating the internet experiences of the future or embracing the power of the internet to disrupt existing industries or business models.

Task Force X Capital (TFX) is an investment and advisory entity focusing on veteran entrepreneurs and high-growth opportunities in the United States.

ProctorFree is an on-demand, automated online proctoring service that deters cheating in an online testing environment.  Using biometric and machine learning technologies, ProctorFree has eliminated the need for a human proctor during testing.  This innovative technology creates a convenient testing option for distance education students and increases the credibility of online certificates and degrees for higher-education institutions.




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