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Cloud software company Kuali has raised $10 million in funding from ed-tech venture capital fund Owl Ventures.
Joel Dehlin, CEO of Kuali, said that the $10 million investment would help Kuali accelerate development of its cloud-based software. The company offers open-source software for research management, financial management and business continuity planning, as well as a student information system.
Kuali became a for-profit company in 2014, having started as a nonprofit, university-led initiative in 2005. With the investment from Owl Ventures, Dehlin said, he plans to expand Kuali’s 70-strong work force and “put fuel on the fire.”
Vicki Tambellini, president and CEO of higher education consulting company the Tambellini Group, said the investment was “positive news” for universities. “Institutions want more options for modern student cloud solutions at predictable cost,” she said.
Phil Hill, co-founder of Mindwires Consulting and co-publisher of the e-Literate blog, noted that, previously, Kuali said it would not seek venture capital. Though Hill agreed that faster development is a good thing, he said he would like to know why the company decided to change course.
