Australia based e-learning startup OpenLearning has garnered AU$1.7 million in funding. The new funding will help to fuel the development and implementation of new MOOC-based business models, and stimulate growth in Malaysia, where OpenLearning has been appointed the official MOOC platform for higher education institutions.

Having invested $1 million, entrepreneur Clive Mayhew led the round while contributions were also made by ASX-listed ICS Global, Robin and Susan Yandle, and Hideaki Fukutake, the director of Japanese education company Benesse Holdings.

Mayhew praised how the platform is responsible for the evolution of the education industry and how students learn : “OpenLearning represents a massive opportunity to provide high-quality, accessible, and collaborative education to students around the world,” he said. “The platform is changing the way teachers provide education and the way students learn.”

Founded by Adam Brimo, Richard Buckland and David Collien in 2012, OpenLearning is a free platform for massive open online courses (MOOCs) and other online course providers.

It is reported that the fresh funding will also help develop the its engineering and instructional design teams, while design and implementation of new MOOC-based business models for commercial customers will also take place.

In a growing industry, that online education is OpenLearning can expect fertile ground ahead. A report published by cloud based e-learning platform, Decebo, the industry will cross $51.5 billion by 2016, with an annual worldwide growth rate over 2012-16 of 7.9 percent.

(Image credit: Unsplash)

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