Friday, April 8, 2011

Intel's (INTC) VC Arm Leading $30 Million Funding of Kno

Intel (NASDAQ:INTC) is increasing its investment in educational technology, which is a growing and potentially lucrative long-term play, by leading the funding for startup digital textbook and tablet maker Kno Inc.

Of the $30 million in funds raised for Kno, Intel is investing $20 million of it in the company. The capital will be used to develop software.

“The increasing consumption of digital content has primed the textbook market for disruption, creating an exciting opportunity for technology innovation to fundamentally change the way 1.4 billion students globally learn,” Arvind Sodhani, president of Intel Capital, said in the statement.

Others investing in Kno are Floodgate Fund LP, SV Angels, Andreessen Horowitz, Advance Publications Inc. and First Round Capital.

According to research firm Compass Intelligence, the market for educational technology could surpass $47 billion in 2011.

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