CanopyLAB, a Laurel-based EdTech company that’s vision is to change the way people learn by combining artificial intelligence, virtual learning, social media and empowerment through learning, announced it has attracted a $3 million funding round. One half consists of venture financing and the other half in venture debt from the Danish Growth Fund, combined with soft money from the Innovation Fund Denmark, amongst others.
The investment will help the company further expand its sales and marketing efforts. The investment round was led by Finnish edtech specialist Sparkmind.vc and joined by The Index Project, JBO invest, and the existing investor group. Sparkmind.vc Partner Kai Talas will join CanopyLAB’s board of directors as the chairman.
The financing builds on a year for CanopyLAB, which saw a rapidly growing roster of clients, key executive appointments and market momentum in the areas of eLearning and artificial intelligence. CanopyLAB’s client roster grew to include 200-plus companies and educational institutions, such as CARE (Peru), Kalinga Institute of Social Sciences (India) and TEINTE Educación (Mexico) and the Danish Electrician Association among many others.