MOUNTAIN VIEW, Calif.,
Nov. 3, 2020 /PRNewswire/ -- Udacity,
which prepares employees and students for careers of the future,
today announced its Q3 enterprise and government bookings rose by
120% year-over-year, total bookings increased 80% year-over-year,
and ARR increased 260% in H1 2020. In addition, the company
has reached profitability and, to continue building on this growth,
Udacity has signed a $75 million debt
facility, with Hercules Capital (NYSE: HTGC) serving as the
underwriter.
Udacity's market growth is driven by increasing interest from
businesses and governments for talent with the most in-demand and
emerging technology skills. Udacity's clients now include five of
the world's top seven aerospace companies, three of the Big Four
professional services firms, the world's leading pharmaceutical
company, Egypt's Information
Technology Industry Development Agency, and three of the four
branches of the United States Department of Defense.
Udacity has also continued to partner with industry leaders to
offer the same high-level skills training to individuals. Most
recently, Microsoft and Udacity launched a Machine Learning
Engineer for Microsoft Azure Nanodegree program. Udacity also
partnered with AT&T to provide 1,000 Nanodegree licenses at a
combined value of over $1 million to
members of underserved communities.
"Our clients clearly understand that investing in current
talent, versus hiring from the outside, has proven to be a far more
effective way to accelerate their digital transformation strategy,"
said Gabe Dalporto, CEO of Udacity.
"This new financing will help us continue to scale and provide
global workers with the skills they need to future-proof their
careers."
"Given Udacity's growth, focus on sustainable business
practices, and expanding reach across multiple industries, we are
excited to provide this investment. We look forward to working with
the company to help them sustain their impressive global growth,
and continued innovation in upskilling and reskilling," said
Steve Kuo, Senior Managing Director
and Technology Group Head at Hercules Capital.
For more information on Udacity's industry-leading Nanodegrees
and programs, please visit: udacity.com.
About Udacity
Udacity is a global, online training platform powering digital
transformation and accelerated time-to-market initiatives for
Fortune 500 and Global 2000 enterprises. Udacity
programs provide industry-created practitioner skills through
a series of "Nanodegree" programs consisting of online courses and
real-world projects in artificial intelligence, machine learning,
data science, autonomous systems, cloud computing, cybersecurity,
programming, digital marketing, and product management, among other
disciplines. Udacity collaborates with expert instructors and over
200 global industry partners including AT&T, Google, Facebook,
Mercedes-Benz, and NVIDIA to power technical education.
Headquartered in Mountain View,
Calif., the private company has operations in the
United Kingdom, Egypt, Germany, India, and the United Arab Emirates. Udacity has raised
$238 million in funding to date from
investors including Bertelsmann, Andreessen Horowitz, Charles River
Ventures, Drive Capital and Hercules Capital. For more information,
please visit www.udacity.com.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest
specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules
has committed more than $10.2 billion
to over 500 companies and is the lender of choice for entrepreneurs
and venture capital firms seeking growth capital financing.
Companies interested in learning more about financing opportunities
should contact info@htgc.com, or call 650.289.3060.
Media Contact
Andrea
Heuer for Udacity
udacity@consortpartners.com
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SOURCE Udacity