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InterviewBit secures $20M to grow its advanced online computer science program in India

InterviewBit, a Bangalore-based startup that runs an advanced online computer science program for college graduates and young professional engineers, has raised $20 million in one of the largest Series A financing rounds in the education sector.

The nine-month-old startup’s Series A round was led by Sequoia India, Tiger Global and Global Founders Capital among others, it said. The startup said it is also rebranding its online coding program, earlier called InterviewBit Academy, to Scaler Academy.

InterviewBit operates on an income-sharing model, where students have the option to pay after they have landed a job. The concept, also known as human capital contract, has been around for decades but is beginning to see some traction now.

The startup said more than 2,000 students have enrolled in its six-month program to date. It had received over 200,000 applications. And “several hundred” of those who enrolled in the program have landed jobs at tech companies such Google, Amazon, and Microsoft.

Students enrolled in Scaler Academy are mentored and taught by tech leaders and subject matter experts working with organisations including Google, Facebook, Twitter, and Netflix.

The startup, which is part of Sequoia India’s Surge accelerator program, will use the new fund to scale up its enrollment and launch in new markets. It also plans to invest in its curriculum and in live teaching product.

Indian newspaper Times of India first reported about the financing round last year, and said the round would value InterviewBit at over $100 million.

“Within a short period of time, Scaler Academy has made a huge impact on the capabilities of our students, who spend, on average 4-5 hours/day on our online and live learning platform,” said Abhimanyu Saxena, co-founder of InterviewBit. “We are very excited that our work results in a step function change in the careers of our students — and so we have rebranded it to Scaler Academy, a platform for pursuing excellence in software programming.”

A recent National Employability Report Engineers 2019 report highlighted that the employability of Indian engineers continues to be as low as 20%. “With that in mind, Scaler Academy’s meticulously structured 6-month online program effectively enhances the coding skills of professionals by creating a modern curriculum with exposure to the latest technologies,” the startup said.

Los Angeles-based BuildOps, subcontracting software for real estate, raises $5.8 million

Software development companies tackling services for niche industries, like commercial real estate subcontracting, continue to find Los Angeles to be fertile ground for development.

The latest company to raise funding from a clutch of investors is BuildOps, which raised $5.8 million in seed financing from some big names in the Los Angeles tech ecosystem.

Led by Fika Ventures, with additional investments from MetaProp VC, Global Founders Capital, CrossCut Ventures, TenOneTen, IGSB, 1984 Ventures, L2 Ventures, GroundUp, NBA all-star Metta World Peace, Oberndorf Enterprises, Wolfson Group and scouts from Sequoia Capital, the new financing will be used to support the company’s continued growth.

BuildOps sells software that integrates scheduling, dispatching, inventory management, contracts, workflow and accounting into a single software package for commercial real estate contractors with staff ranging from a few dozen to several hundred employees.

Software for the service industry is nothing new for Los Angeles entrepreneurs. The unicorn ServiceTitan hails from the greater Los Angeles area and a number of other software as a service businesses are calling the greater Los Angeles area home.

It’s hard to argue with the size of the commercial construction market. Over the past three years, commercial construction spending grew from $626 billion to $807 billion, according to data provided by the company. And while most large vendors — architects, general contractors and property management companies — have some project management software, the fragmented group of subcontractors that provide services to those customers has remained resistant to adopting new technologies, the company said.

The firm was co-founded by former ServiceTitan developer Neeraj Mittal; Microsoft, Nextag, Swurv and Fundly former executive Steve Chew; and Alok Chanani, who previously founded a commercial real estate company and was a former commander of a transportation unit of the Army in Iraq.

“At BuildOps, we are on a mission to bring a true all-in-one solution on the latest technology to the people who keep America’s hospitals, power plants and commercial real estate running. We are privileged to be working closely with some of the country’s top commercial contractors,” said Chanani.

That sentiment is echoed by Liquid 2 Ventures managing partner and former National Football League superstar, Joe Montana .

“Liquid 2 Ventures has an investment thesis in supporting America’s working class and I just love the idea of making their lives far easier and better. You have one solution that does it all and talks seamlessly to every single part of their business from parts to ordering to inventory and more,” said Montana in a statement. “There are very few world-class technology solutions for commercial subcontractors like this and we believe in the founders.”