Intelliworks chalks up $1.7M for higher ed software

July 16th, 2010

BETHESDA, MD – Intelliworks Inc., which sells relationship management software for higher education, has raised $1.7 million in yet another funding of an education-tech company, according to a regulatory filing. The Series E investment brings total venture backing for Intelliworks to $22.3 million.

Directors and investors cited as principals in the filing with the U.S. Securities and Exchange Commission include Mark Frantz, Chevy Chase, MD-based Red Shift Ventures; Arun Gupta, Alexandria, VA-based Columbia Capital; and Roger Novak, Bethesda-based Novak Biddle Venture Partners.

We reported Intelliworks $2.25 million D round in April 2009. Columbia Capital and Novak Biddle supplied the equity while Toronto-based MMV Financial contributed a $1.5 million venture loan.

It raised a $4 million C round in April 2008.

We have noticed an increasing number of venture financing deals for companies in the education technology field. Are slashed federal, state and local budgets leading to the educational establishment recognizing a need for the efficiencies that technology brings? Most firms selling to the education market are using SaaS models, as Intelliworks does, so installing their software generally does not require large capital outlays.

Intelliworks enables enrollment, admissions and marketing professionals to make purposeful connections with students through its web-based CRM, program admissions and marketing automation solutions built specifically for higher education.
Hundreds of organizations, ranging from large colleges and universities to programs and departments within individual institutions, use Intelliworks’ software-as-a-Service platform to recruit students, market their programs, grow enrollment and drive tuition-based revenue.

Diane Raymond, Director of Admissions at New England College, which has seen an 8 percent increase in enrollment using Intelliworks, said in a statement at the time of the company’s C round said that “The Intelliworks solution allowed us to improve the efficiency of our admissions department by automating tasks such as outbound marketing, event registration and contact management.” –By Allan Maurer

Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.