Covid-19 has forced companies across many industries to rethink the way they train new hires while avoiding as much face-to-face interaction as possible. And with a new funding round, a local startup is looking to help new employees get to work.
Frisco-based adaptive learning and training software startup Trivie announced landing a $5 million Series A funding round led by Houston’s Cottonwood Venture Partners. Launched in 2011, the round brings Trivie’s total funding to $11.6 million, according to Crunchbase.
“Our mission is to ensure that every employee at every organization can be at their very best because they remember what you need them to know,” said Lawrence Schwartz, co-founder and CEO at Trivie, in a prepared statement.
Trivie creates software for companies that helps them remotely train employees and new hires. It develops training modules and activities based on a company’s needs and requirements. Analytics are uploaded to the employer so they can track progress and create a communication channel.
Prior to and through the pandemic, Trivie has worked on remote learning and training programs for companies like Subway, Anheuser-Busch, Phillips 66 and Charleston Southern University. And as coronavirus continues to spread while businesses navigate safely reopening, Trivie plans to use its new funding to expand into new markets. The company plans to increase the distribution of its tech into industries including energy, hospitality, manufacturing and consumer goods.
The latest funding round marks the fourth for Trivie, according to Crunchbase. Most recently it raised $6.1 million in a convertible note in 2018. In 2014, it closed on $4.5 million in equity seed funding. Trivie also raised $1M through debt, securities and other options in 2011.
“We are humbled to partner with them to expand Trivie’s reach as organizations increasingly look to maximize knowledge retention, particularly as it relates to health and safety,” said Jeremy Arendt, managing partner at Cottonwood, in a prepared statement.
