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Melbourne-based edtech Cadmus has secured the backing of SEEK Investments and Glitch Capital in an investment round that aims to drive the company’s push into the US market and maintain integrity in an education sector swamped by artificial intelligence.
While details of the capital raising have not been disclosed, Cadmus says the funding will build on the momentum achieved by the company in Australia and the UK among a swag of international markets in which it operates.
Cadmus, which was founded in 2015 by Herk Kailis and Robbie Russo as an online platform for students to improve their assessment and learning experiences, enables universities to design, deliver and mark authentic assessments end-to-end, ensuring student learning remains meaningful and measurable in an AI-driven world.
Andrew Bassat, co-founder of online employment marketplace SEEK (ASX: SEK) and CEO of SEEK Investments, says Cadmus stands out in the evolving edtech landscape for its comprehensive approach.
“ChatGPT has created a real challenge for how universities handle assessments that’s still unsolved almost three years after its launch,” says Bassat.
“Cadmus is unique in building a holistic assessment platform that helps improve students’ learning outcomes while AI is used properly, rather than trying to ‘catch out’ students with tools that aren’t always accurate.”
Bassat says participation in the capital raising aligns with SEEK Investments’ interest in category-defining platforms.
“Most of the solutions in the assessment space are point solutions,” he says.
“We were hoping to meet a founder tackling the problem end-to-end, and we were very excited when we met Herk and Brigitte (co-CEO Brigitte Elliott).
“Their broad platform that allows educators to improve assessment, and their strong adoption among leading universities in Australia and the UK made Cadmus an exceptional opportunity.”
Ryan Fitzpatrick, managing partner at Glitch Capital, says Cadmus has all the hallmarks of a great SaaS (software-as-a-service) business.
“Cadmus solves a real problem with clear product-market fit, strong growth, and exceptional retention,” says Fitzpatrick.
“We’re particularly excited by the opportunity to build on their growing momentum in international markets.
“Universities are navigating the growth in online education, the impact of generative AI on academic integrity, and increasingly tight budgets.
“Cadmus helps institutions address these challenges while improving academic outcomes, offering a solution that improves integrity, saves time, and supports more effective teaching and learning.”
Cadmus is described as a research-backed, university-partnered platform that delivers a fully scaffolded, end-to-end assessment ecosystem. The platform is designed to tackle real institutional needs, from designing assessments with educators to support authentic student learning, to upholding academic integrity in the age of AI and reducing educator administrative workload.
Cadmus Co-CEO Herk Kailis sees the latest capital raising as a “significant step” in scaling the company’s global impact.
“This investment marks a significant evolution for Cadmus - one that reflects our broader mission to support universities through a period of profound change,” says Kailis.
“As the sector faces increasing pressure to do more with less, we’re committed to helping institutions deliver outstanding learning and assessment outcomes in a financially sustainable way.
“By combining deep pedagogical expertise with scalable, cost-effective technology, we’re empowering universities to navigate digital transformation with confidence.”
Elliott adds that the company’s work goes beyond technology to support the fundamental purpose of higher education.
“We’re designing assessment environments that promote curiosity, academic pride, and meaningful learning,” says the co-CEO.
“By supporting educators as mentors and reinforcing the role of universities as centres of knowledge and research, not just credential providers, we’re helping institutions protect the core mission of higher education in the age of AI.”
Cadmus says while it has a solid base of flagship “lighthouse” customers in Australia and the UK, it is now focused on building strategic partnerships with leading US universities to co-develop its offering for the American market.
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