Maryland-based education technology firm Allovue secures $800K in seed round
Baltimore, Maryland-based education technology company Allovue Llc marked its first birthday with an announcement that it had received $800,000 for its seed investment round. Allovue graduated from last year's AccelerateBaltimore cohort which was a program of the Emerging Technology Center and the Abell Foundation. The accelerator gave an initial $25,000 investment to Allovue which was added to the investment made in the company by the Maryland Technology Development Corporation or TEDCO, Baltimore Angels and Shulman Ventures, a statement about the funding said.
Founded by Jess Gartner, a former Baltimore City teacher, Allovue is an education resource planning and analytics platform dedicated for K-12 schools and districts. It has experienced fast growth in the first year that it was launched.
Allovue Chief Executive Officer Jess Gartner said in the statement, "We're transitioning away from a year of intensive research, development, and testing, and into the next growth phase of scaling our products to school districts across the county."
Proceeds from the funding round will be used to roll out their district level product this year. Last year, the company piloted their product at the school level. The district level product already has robust improvements compared to the school version.
According to Gartner, a lot of momentum is happening in the edtech ecosystem of Baltimore as of the moment, adding that the company is thrilled that they are part of the region's emerging economic sector, the statement said.
Allovue empowers educators at each level to apportion resources so that the needs of the students are best supported. Through their user-friendly software applications, district officials, principals and other school administrators to see, conduct analysis and optimize the effect of spending on education outcomes. Its flagship product is called "Balance: The Education Finance Suite" has applications that allow educators and administrators to analyze school budgets, monitor and predict expenditures, recognize trends with time and map out capital investments for the future, the statement said.