Waterloo-based startup 17muscles announced today that it has raised an initial round of funding and has changed its name to Axonify.
The investment, led by Menlo Park’s Bridgescale Partners with participation from the Investment Accelerator Fund (IAF) in Toronto, will be used by Axonify to fund product advancement, raise awareness about the company’s offering and accelerate growth into new markets.
“We’re extremely excited that Bridgescale and IAF believe in what we’re doing and are investing to help us rapidly accelerate our business,” said Carol Leaman, Axonify’s President and CEO. “We’re also excited to rebrand our offering and incorporate the word ‘Axon’ into our name, highlighting the critical role that these nerve components play in the learning and retention process.”
Axonify’s platform is built on principles of behavioral learning and specifically the concept of “spaced repetition”—an evidence-based technique researchers have found to have a stunning impact on knowledge retention. Axonify is the first organization to take the concept of spaced repetition and apply it effectively in a corporate environment to close the gap between what employees know, and what they need to know.
Leaman was previously the CEO of Waterloo’s PostRank, which was acquired by Google in 2011.