Citelighter – an academic research platform that helps students save, organize and automatically cite information while writing quality papers – snagged an impressive round of seed funding Wednesday from some well known local investors.
That funding, to the tune of some $1.52 million, came through backing from people like John Cammack, managing partner of Cammack Associates; Frank Bonsal Jr., founder of venture-capital firms New Enterprise Associates and Red Abbey Venture Partners; and David Warnock, managing member of private-equity firm Camden Partners.
What’s impressive about this round of seed funding in particular is that just about half of the money raised came directly from Baltimore-area investors. They’re all individuals who have come to understand Citelighter’s value since the startup relocated to Baltimore’s Betamore tech incubator from New York last year.
“We are thrilled to have such a deep bench of investors with experience in running a business, in addition to those who have built large and successful education businesses,” Citelighter’s CEO and co-founder Saad Alam said in a statement.
It’s easy to see the practical application of Citelighter, which acts as a sort of virtual highlighter: allowing the user to find and capture facts online and then generate citations to automate the writing process. In that way, Citelighter brings research, organization and writing to one place, offering college students an ideal platform to use for long-form theses.
As advantageous a tool as it is, Citelighter has had no problem attracting investors. The edtech company raised a lump total of $950K in 2013, with $100,000 from the Maryland Technology Development Corporation. Now, with the $1.5M announced Wednesday, it appears as if Citelighter will continue to generate that trend.
Citelighter has not unveiled exactly what it plans to do with the new investment, but Alam did mention that the company – which currently has 14 employees – expects to add as many as seven more employees by the end of 2014. So, if you’re looking for employment with a company that’s bound to keep on growing within the education sector, now’s your chance.
Image via Citelighter