Secure Proctor LLC, which does business as examity, successfully placed in full its $1 million equity offering. Eleven investors participated to the non brokered placement. This is the first known US private placement initiated by the company which had revenues below $1 million.
examity developed a software solution to maintain the integrity of online tests and certifications. The company did so based on the increasing demand for online courses, the need to take exams remotely and that 70% of respondents of a 2011 Rutgers University national survey admitted to cheating on exams. The company provides a flexible solution for administrators to choose the adequate security level best suited for a given exam. examity offers four security levels from simple identity confirmation to live proctoring with tests analysis and audit.
The company, located in Needham MA, is the brainchild of Michael London (President and CEO) who created the company in October 2012. The management team includes Shailu Tipparaju (CTO) and Randy Grosberg (Sales).