The Richmond-based educational technology startup company Trilogy Mentors has received an $835,000 investment to help the company expand its online tutoring and mentoring services.
The company, founded by John Failla in 2015, has a technology platform that matches K-12 students with academic tutors and mentors based on the students’ particular needs and enables mentors to communicate with students across distances without having to meet in person.
In the 2018-19 academic year, Trilogy Mentors facilitated more than 6,500 unique learning sessions through its platform, Failla said.
The company is now evolving as a software-as-service business by licensing its technology platform to other tutoring services.
The tutoring industry is about an $18 billion in annual sales marketplace, but it is highly fragmented with the 10 largest tutoring companies controlling only about 8% of the market, Failla said. Trilogy Mentors wants to offer its platform to the numerous smaller, bricks-and-mortar tutoring services.
“We are partnering with educators through digital transformation to help them launch this relationship-based, holistic learning online platform,” he said. “We want to build the infrastructure to help these companies go into the 21st century and complete this digital transformation.”
The investment will enable the company to continue development of its technology, specifically its data analytics capabilities that will provide more information such as student engagement and efficacy.
The investment round was led by Michael Silverman, co-founder of Rosetta Stone Inc., an educational technology company based in Arlington County.
A strategic investment also was made by the MacLaurin Group, a data-centric advisory team in Henrico County led by Kelley Powell, former managing director of data for Royall & Co. — a provider of services to educational institutions — and Alan Williamson, former chief technology officer for Royall & Co.
Williamson is serving as interim chief technology officer for Trilogy Mentors as it builds the next generation of its platform.
Trilogy Mentors employs six people full time and several part-timers. Its office is in Startup Virginia, a business incubator in Shockoe Bottom.