Udacity Raises $ 75 Million In Debt Financing, Online Learning Platform Revenue Jump 260% In First Half



Showing a 260% increase in annual recurring revenue in the first half of this year, the global online training platform Udacity said it signed a $ 75 million (Rs 557.5 crore) debt facility, with Hercules Capitalserving as an underwriter.

The US-based company also said on Wednesday that its third-quarter business and government bookings were up 120% year-on-year and total bookings were up 80% year-on-year.

“Our clients clearly understand that investing in current talent, compared to hiring from outside, has proven to be a much more effective way to accelerate their digital transformation strategy,” said Gabriel Dalporto, CEO from Udacity, in a statement.

“This new funding will help us continue to grow and provide workers around the world with the skills they need to secure their careers.”

Udacity programs provide industry-created practitioner skills through a series of “Nanodegrés” programs comprising online courses and real projects in artificial intelligence, machine learning, data science, autonomous systems, cloud computing, cybersecurity, programming, digital marketing and product management, among other disciplines.

Udacity said the growth in its market was driven by growing interest by businesses and governments in talent with the most in-demand and emerging technology skills.

Its clients now include some of the world’s largest aerospace companies, three of the four major professional services companies, the world’s largest pharmaceutical company, the Egyptian IT Industry Development Agency and three of the four branches. from the US Department of Defense.

Udacity also partners with industry leaders to deliver high-level job training to individuals.

More recently, Microsoft and Udacity launched a Machine Learning Engineer program for Microsoft Azure Nanodegree.

The company has also partnered with AT&T to provide 1,000 Nanodegré licenses with a combined value of over $ 1 million to members of underserved communities.



About Author

Leave A Reply