Boston-based Labster, a startup that helped Arizona State University create a fully online, virtual-reality biology course, raised $21 million in a Series B round to expand its course catalog in chemistry and microbiology as well as grow and scale in the U.S. market.
Led by Owl Ventures, a San Francisco-based venture capital firm that invests in edtech companies, existing investors including Balderton Capital, Northzone and Swisscom Ventures also participated in the round. This round brings the company's total venture funding to $31.5 million.
In Boston, MIT and Harvard University use Labster's simulations in STEM subjects. Overall, over 250 universities around the world access the company's interactive virtual lab simulations in subjects varying from biology to engineering to space exploration. In one simulation, Labster's founder and CTO Michael Bodekær Jensen explained, students travel to different planets and explore space. In some others, they go on virtual field trips to treat wastewater or come up with solutions for climate change.
Jensen noted that the company is working with states like California and Tennessee to integrate these simulations along with the textbook curriculum. Labster is making big leaps globally too - the company is working with the Danish government to launch its simulations across schools in Denmark. It's also in conversation with the Singaporean government for a similar deal.
When asked if these training methods can replace hands-on lab experiences, Jensen noted that it can but is usually used to supplement lab courses.
"These simulations can replace hands-on experience," Jensen said. "But it’s up to the schools whether they want to replace it or supplement it."
The company, founded in 2011, has over 100 simulations available that are developed by curriculum experts. While the majority of its clientele are educational institutions, the company also offers corporate training modules.
Labster prides itself on the savings it's able to offer to educational institutions. Referring to Arizona State University's biology program, Jensen said that the university was able to reduce tuition costs by 75 percent.
