South Brunswick-based Prazas Learning, doing business as Tabtor Math, is an educational technology company that creates education products that make learning fun for students in kindergarten through eighth grade through its personalized tutoring programs.
“By combining world-class curriculum with personal attention from a dedicated tutor, our math program is tailored to every child’s unique learning needs,” Tabtor Math Founder and Chief Executive Officer Raj Valli said.
With over 60,000 registered product users in 12 countries, the company notes a more than 90 percent improvement in math performance after just three months of use by students.
“Today’s Board action will have a lasting effect on Tabtor Math as it builds its presence in New Jersey,” EDA Chief Executive Officer Melissa Orsen said. “The Edison Innovation VC Growth Fund is ideal for businesses like Tabtor Math, who have already attracted interest funding from venture capital investors and are looking for additional assets to help them expand.”
Created in 2011 to enhance support of early-stage businesses that have attracted funds through venture capital investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales.
Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum commercial revenues of $500,000 in the prior 12 months. There is a 1:1 VC match funding requirement.
As part of its growth strategy, Tabtor Math plans to maintain its current staff and create up to 10 new jobs in New Jersey over the next two years.
“We are extremely honored to be recognized for the revolutionary approach and fantastic growth we have demonstrated in the math education space,” Valli said.
“A strong foundation in math boosts confidence in children and allows them to compete successfully in a knowledge economy,” Valli said. “The support from EDA not only enables us to provide high quality and affordable math tutoring to millions of students, but to have a direct impact on the technology ecosystem in New Jersey.”
To be eligible for the Edison Innovation VC Growth Fund, companies must: be a developer/owner of protected proprietary technology, employ 75 percent of its employees in New Jersey or commit to growing 10 high-paying jobs over two years; and occupy physical commercial office space. A complete list of eligibility requirements can be found at: www.njeda.com/VCGrowthFund.
The EDA offers a multitude of resources to help technology grow and thrive. To learn about these resources, visit http://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.