Udacity receives $75 million in debt funding

Post pandemic the online education tools been used by most of the educational institutes and it influenced the demand in getting various new players to boosted by major changes in work and learning practices . At the same time, the funding patterns also increased into the start-ups for upskill workers to give them tech expertise more relevant to modern demands.

Udacity is the fastest, most efficient way to master the skills tech companies want. 100% online, part-time & self-paced. It provides online courses and popularized the concept of “Nanodegrees” in tech-related subjects like artificial intelligence, programming, autonomous driving and cloud computing, has secured $75 million in the form of a debt facility. The funding will be used to continue investing in its platform to target more business customers.

As per Udacity, the part of the business is growing fast, with Q3 bookings up by 120% year-over-year and average run rates up 260% in H1 2020. It further says, customers in the segment include “five of the world’s top seven aerospace companies, three of the Big Four professional services firms, the world’s leading pharmaceutical company, Egypt’s Information Technology Industry Development Agency, and three of the four branches of the United States Department of Defense”, which work with Udacity to build tailor-made courses for their specific needs, as well as use off-the-shelf content from its catalogue.

Udacity also works with companies to build programs as part of their CSR remits, and with tech companies like Microsoft to build programs to get more developers using their tools. We’re seeing tremendous demand on the enterprise and government side,” said Gabe Dalporto,  Udacity’s CEO who joined the company in 2019. “But to date it’s mostly been inbound, with enterprises, Fortune 500 companies and government organizations coming in and wanting to work with us. Now it’s time to build out a sales team to go after them.