Iron Pillar, a venture growth investor that backs technology companies, on Tuesday said it has invested $15 million in Y-Combinator-backed, engineering-focused edtech start-up, Skill-Lync.
Existing investors Y Combinator and Better Capital also invested in the $17.5 million funding round. In addition, Binny Bansal, co-founder of Flipkart, Sai Krishnamurthy, co-founder of Xto10X and Rashmi Kwatra, founder of Sixteenth Street Capital, joined as new investors in this round.
Skill-Lync, which was launched in April 2018 by Suryanarayanan P and Sarangarajan V, provides courses in the mechanical, electrical, civil and computer science engineering domains for students in India and other parts of the world.
Suryanarayanan P, co-founder and CEO, Skill-Lync, said, “The ever increasing gap between what industries expect and what students learn during their engineering education has caused a global shortage of high-quality engineering talent. The rapid adoption of new technologies by industries has also created a need for constant upskilling of engineering professionals. Hence, the need of the hour is to have engineers who have knowledge of both engineering fundamentals and how they can be applied to solve real world engineering problems through engineering design and simulation tools.”
“…We believe that our partnership with Iron Pillar will allow us to tap into Iron Pillar’s network of global experts and help us accelerate towards our goal of building a global alternate platform for engineering education,” he added.
Anand Prasanna, managing partner, Iron Pillar, said, “Engineering education and upskilling outside of computer science have seen very little digital disruption over the last two decades. This, combined with the ever expanding need for real world interdisciplinary applications of engineering in today’s world creates a unique opportunity to establish a multi-billion dollar global company with deep moats in this space. This is also a strong beachhead for expansion into multiple adjacent areas. Surya, Sarang and rest of the Skill-Lync team have already built a great product and significant revenue in the business, with exceptional growth and capital efficiency.”