rSmart Gets $10.75M For Higher Education Software

Scottsdale-based rSmart, a provider of educational software built on open source, said today that it has raised $10.75M in a Series B funding round. The round came from ASAHI Net, GSV Advisors, and other private investors. rSmart, headed by Chris Coppola, develops educational technology based on the open source, Sakai and Kuali software tools. Those tools are used by colleges and universities for learning management and enterprise resource planning (ERP). The firm said the funding will go towards cloud infrastructure expansion, accelerated platform development, and expanded professional services capacity. rSmart said it currently has 79 employees and plans to grow to 100 by the end of the year; much of the firm's staff is focused on professional services to support those open source tools.