46 million dollars in funding for digital textbook reader
Kno Inc., a company developing a digital textbook reader for students, said Wednesday that it has received 46 million dollars in the latest round of funding from venture capitalists.
Kno said Andreessen Horowitz, a Silicon Valley venture capital firm launched by Netscape founder Marc Andreessen, was the lead investor along with Silicon Valley Bank and TriplePoint Capital.
Founded in May 2009 and short for "knowledge," Kno is developing a two-panel, touchscreen tablet computer that will allow users to read digital textbooks, take notes, access the Web and run educational applications.
"Kno is gearing up to launch the first digital device that we believe will fundamentally improve the way students learn," said Osman Rashid, Kno's chief executive and co-founder.
Rashid said the funding will "help us continue to deliver on our product roadmap and ultimately deliver on our vision to bring innovative digital technology to the world of education."
Andreessen, a member of Kno's board of directors, said "Kno is poised to lead the market with its digital textbook and learning platform and we are excited to be part of the revolution.
"We are strong believers in the disruption of untapped markets and education is a prime example of a sector in need of digital innovation," he said.
Kno chief technology officer and co-founder Babur Habib said the company hopes to "get the Kno into the hands of students for beta testing this fall and ultimately for the first customer ship later this year."
Apple launched its iPad tablet computer earlier this year and a number of other companies have announced plans recently to come out with touchscreen devices for reading electronic books or surfing the Web.
(c) 2010 AFP