EDA Approves Loan to Support Growth of Educational Technology Company in Garden State
TRENTON (March 11, 2016) – Showcasing the Garden State’s commitment to supporting technology companies at all stages of development, the New Jersey Economic Development Authority (EDA) today approved Prazas Learning, Inc. for an $800,000 loan through the EDA’s Edison Innovation VC Growth Fund.
South Brunswick-based Prazas Learning, doing business as Tabtor Math, is an educational technology company that creates education products that make learning fun for students in kindergarten through eighth grade through its personalized tutoring programs.
“By combining world-class curriculum with personal attention from a dedicated tutor, our math program is tailored to every child’s unique learning needs,” Tabtor Math Founder and Chief Executive Officer Raj Valli said.
According to the company, Tabtor Math has rapidly become the world leader in personalized, iPad and Android tablet-based math tutoring using a unique combination of digital analytics, personal tutors and patent-pending Active Replay Technology (ART). With over 60,000 registered product users in 12 countries, the company notes a more than 90 percent improvement in math performance after just three months of use by students.
“Today’s Board action will have a lasting effect on Tabtor Math as it builds its presence in New Jersey,” EDA Chief Executive Officer Melissa Orsen said. “The Edison Innovation VC Growth Fund is ideal for businesses like Tabtor Math, who have already attracted interest funding from venture capital investors and are looking for additional assets to help them expand.”
Created in 2011 to enhance support of early-stage businesses that have attracted funds through venture capital investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales. Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum commercial revenues of $500,000 in the prior 12 months. There is a 1:1 VC match funding requirement.
As part of its growth strategy, Tabtor Math plans to maintain its current staff and create up to 10 new jobs in New Jersey over the next two years.
“We are extremely honored to be recognized for the revolutionary approach and fantastic growth we have demonstrated in the math education space,” Valli said. “A strong foundation in math boosts confidence in children and allows them to compete successfully in a knowledge economy. The support from EDA not only enables us to provide high quality and affordable math tutoring to millions of students, but to have a direct impact on the technology ecosystem in New Jersey.”
To be eligible for the Edison Innovation VC Growth Fund, companies must: be a developer/owner of protected proprietary technology, employ 75 percent of its employees in New Jersey or commit to growing 10 high-paying jobs over two years; and occupy physical commercial office space. A complete list of eligibility requirements can be found at: www.njeda.com/VCGrowthFund.
The Edison Innovation VC Growth Fund represents just one of the many resources available to growing technology and life sciences companies in the State. To learn about the various programs and resources available, visit https://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.