Remote Proctoring: The Key to E-Learning Market Growth
The E-Learning market is projected to grow to $ 1 Trillion globally by 2027. This creates massive social benefits, but for remote learning to have meaning and value, online exams must have the same integrity as in-person testing.
Remote proctoring is the segment of E-Learning and EdTech that provides schools, universities, training programs, professional licensing bodies, and certification organizations with tools and services to remotely monitor students' exam sessions to ensure that the exam results have just as much integrity as if the test were taken on campus or in the classroom.
It's a high-growth submarket, and Proctor360 is creating solutions to meet new and changing demands.
What you NEED to know:
- Online classes and blended instruction models are the future of education. Traditional college campuses and primary/secondary schools are embracing E-Learning, and the market is growing fast.
- Virtually every testing center, college, and certification organization uses some form of remote proctoring service to monitor the students during online tests.
- The remote proctoring market as a whole is expected to double in value over the next 4 years.
- Most competing companies are still using the same decade-old single webcam model, and it's not secure enough for today's high stakes exams.
The Proctor360 Advantage
- Crowdfunding-backed Success. Proctor360 conducted a small Reg CF seed round in 2019 and has already begun generating revenue. Our customers include colleges, universities, professional certification programs, and ECI-regulated nuclear energy.
- Decades of Experience. Our founders and advisors boast decades of experience in both in-person test center operation and remote proctoring.
- Unparalleled Product Range. Proctor360 has successfully developed patent-pending hardware that provides proctors with a complete view of the test-takers' environment during exams using 360-degree camera technology in a proprietary headset while also offering all competing forms of remote proctoring, including an ethical implementation of AI and a cloud-based SaaS platform.
- Higher Revenue Potential. Because Proctor360's headset captures the entire remote testing environment, exams that traditionally must be taken in person can be taken remotely with Proctor360. And as an emerging innovator with a modern, high-security platform, we've also been able to acquire customers in markets that are regulated by government and national security laws such as Nuclear energy-- markets that our competitors don't have the technological infrastructure to comply with.
- High Initial Growth. Proctor360 first began generating sales in mid-2020 and now boasts many universities, colleges, and commercial customers. Proctor360 is poised to succeed.
Online learning has seen massive growth over the past 10 years- for academic education, for skill learning, and for professional training & career advancement. And it’s not hard to imagine why. Advancements in technology have made streaming media and communication nearly ubiquitous while the cost of brick & mortar schools has risen and the recent pandemic has forced institutions to limit capacity and find new paths forward with blended and Internet-based instruction models.
In 2020, the global E-learning market was estimated at $250 Billion, and it is projected to reach $1 Trillion by 2027. But one of the biggest challenges has been how to validate the knowledge students gain through online learning. For the exams students take online to have the same integrity as those taken in-person (where attempts at cheating can be monitored in-person by proctors), remote proctoring must provide the same level of security.
At the same time, schools need flexible solutions that not only integrate well with their existing technology stack, but that also provide a range of remote proctoring options that best suit the various exams a school or organization administers.
Existing Solutions Don't Meet Demand
Traditional single camera remote proctoring is sufficient for some exams, and AI can be ethically integrated to assist the proctoring process, but many exams have remained out of reach for online testing because the stakes are simply too high if a student cheats.
Existing Solutions Aren't Flexible
Most of the major players in the remote proctoring industry focus on a single type -- human proctoring, AI, or simple record & review. But schools and testing centers need the flexibility to specify the level of proctoring security they need for different exams. They need tools that allow them to configure exams of all types that integrate with their existing staff and technology infrastructure.
E-learning is going to continue to be a growing part of education at every level. But the demand for better, more secure remote proctoring solutions is rising and the industry hasn’t responded. Until now...
"Total View" Remote Proctoring and a Unique, Flexible Platform
Proctor360's innovations solve critical problems with online testing that will enable the company to capture market share and meet the demands of the industry. For high stakes exams that have, until now, required candidates to visit in-person test centers because remote proctoring wasn't secure enough, we've developed patent pending hardware that will provide remote proctors with a complete 360-degree view of a test-taker's environment during their exam session. And by leveraging AWS's cloud-based scalable architecture, we've designed and built a software platform that enables us to provide a complete range of flexible services that allow our customers to source a single vendor for all their online tests.
360 Total View
Proctor360 has developed a patent-pending remote testing headset that the test-taker wears while taking an online exam. The headset incorporates a 360-degree webcam that captures a complete view of the testing environment, a microphone that captures audio in the room and allows the test-taker to communicate with the remote proctor, and earphones for communication and computer audio. Proctor360's proprietary cloud-based proctoring platform combines these inputs with the video from the test-takers standard webcam as well as live screen capture during the test session. Now, even the most critical exams can be taken online with complete security.
Not Just a Concept
In 2019, Proctor360 successfully conducted a small Reg CF seed round to fund the initial production of its testing headset design and launch its platform. These headsets are currently in use by Proctor360's academic customers and more schools and institutions are waiting for a larger production run so that they can incorporate our unique 360 Total View remote proctoring into their online testing tools.
360 Total View Offers Secure Proctoring For All Exam Types
Because most major competitors only use a single front-facing webcam to monitor the test-taker, only computer-based exam types are reliably supported. However, many critical exams are published in other formats that require pen & paper or a hybrid between pen & paper and computer interaction.
360 Total View is the most secure, practical solution for these exams.
Scalable, Flexible, Cloud-based Service
Proctor360 didn't stop with 360 Total View. We developed a remote proctoring software platform on Amazon's AWS architecture so that we could deliver this unique service at scale... And then we went further.
Leveraging the flexible, modern platform we built for 360 Total View, we're able to offer all major forms of remote proctoring to meet the needs of customers who require different levels of security for different exams. We've added Artificial Intelligence for automated proctoring and AI-assistance for human proctoring. We've built out integration with the major Learning Management Systems used by colleges and universities so that adoption is seamless and straightforward. We've made it easier for instructors and test administrators to set up exams with individual requirements for identity verification and check-in as well. We've developed a Saas solution (Software as a Service) for Institutions who have their own staff and need a powerful platform for proctoring their own students' exams online.
We've even developed a highly secure, US government compliant, fully siloed version of our platform for industries like nuclear energy that require employee testing on information that is governed by "Export Controlled Information" regulations and it is currently in use by a Fortune 100 company.
And we're not stopping there. Our vision is to create the most flexible and scalable solution for online testing available anywhere to fuel the growth of the E-Learning market. By solving the problems faced by schools, training programs, and professional organizations who want to adopt remote technologies, we can bring about positive change in a lucrative and growing marketplace.
What's the Benefit?
- New Market Penetration
- Multiple Revenue Streams
- Accelerated Growth
- Market Dominance
REMOTE PROCTORING IS A GROWTH MARKET
Remote proctoring is experiencing massive growth as a submarket within E-Learning - a market projected to grow to $1 Trillion by 2027. As more and more schools, universities, training programs, and professional licensing bodies embrace remote learning and testing, remote proctoring is becoming an essential resource that these institutions rely upon to maintain the integrity of their exams.
According to market research, more than $430 million was spent on remote proctoring services in 2020 and the demand is surging as Higher Ed continues to adopt blended instruction models that include online coursework and testing. In 2021, the remote proctoring market is estimated to reach $515 Million and by 2027, it is expected to more than double in value to $1.34 Billion.
Remote Proctoring Market By Type (2021)
The remote proctoring market is segmented by the type of proctoring used. Most competitors focus on a single type, and as the data shows, live human proctoring generates the most revenue in the market. AI and other advanced auto proctoring technologies will continue to gain some market share, but the companies best positioned to achieve major growth will offer a flexible range of services to meet all their customers' needs.
Flexibility and Scalability: A Model for Success
Remote proctoring is a diverse industry that serves a number of markets with many underserved and still untapped. Proctor360's business model focuses on flexibility and scalability in order to provide a competitive advantage over entrenched competitors who typically have more rigid and less secure offerings. By providing customers with flexible and scalable solutions that meet their needs across various proctoring types-- including our exclusive 360 Total View service, we are quickly acquiring customers and penetrating untapped markets.
Who are our target customers?
By offering more secure, flexible, and scalable solutions, we're able to serve markets that include public school districts, colleges, universities, training & assessment programs, professional certification bodies, and commercial sectors that require training and assessment in goverenment regulated information such as nuclear energy.
Revenue Model and a Path to Growth
Proctor360's pricing model is a matrix based on proctoring type, optional add-ons, and exam volume. This model provides the most flexibility to acquire customers in multiple markets and to respond efficiently to their needs. By penetrating underserved markets and leveraging our scalabable platform, we anticipate strong growth over the next 4 years.
The traction we've generated so far serves as real validation of our approach. Our current customers span multiple segments, including:
- Community Colleges
- Professional Certification Organizations
- Fortune 100 Nuclear Energy
- Online Training Programs
The flexibility of our SaaS platform has enabled us to pursue International opportunities in Europe and South America, utilizing partnerships to increase revenue in these markets and drive further growth. The demand for remote proctoring services is growing globally, and we intend to aggressively pursue International customers by leveraging our platform's unique advantages.
Success to Date
Starting Lean and Building Traction
Whereas most early stage tech companies raise millions and spend years just getting a minimum viable product to market, Proctor360 is proud to have developed a highly scalable remote proctoring platform and successfully completed production of Version 1 of the 360 Total View headset with only a small seed round and founder investment. We have expanded our service offering and have already begun generating revenue. Upon successful close of this offering, we plan to rapidly expand our marketing and sales activities to accelerate growth reach profitability.
Awards & Press
A Recognized Leader in Online Testing Innovation
Since Proctor360's beta launch in 2019, the company has been recognized by the press and trade publications alike as an emerging leader in remote proctoring. We're member's of Amazon's AWS EdStart initiative and recipients of Education Technology Insights Magazine's "Top EdTech Startups 2020" award.
The Proctor360 Team Boasts Decades of Experience
With more than 10 years of experience operating brick & mortar test centers and an impressive team of advisors with decades more in remote proctoring, finance, engineering, marketing, and leadership, the Proctor360 team is armed for success.
Ganga Bathula has more than ten years of experience in proctoring services both online and in the operation of multiple brick & mortar testing centers. His unique experience led him to found Proctor360 to bring innovation to this growth industry and meet its demand for higher security in online testing. He has hands-on experience with the implementation of remote proctoring technology from content authoring to customer delivery and the current issues in secure test delivery inform his vision for Proctor360. Ganga holds US and International patents and has strong entrepreneurial skills with an excellent academic record in engineering and management.
Kranthi Bathula has spent the bulk of his career in the proctoring industry, and he has a deep understanding of both the technical and business requirements necessary to building a secure platform and providing a great experience for the customer. Since co-founding Proctor360 along with Ganga, he has overseen the development and production of the company’s patent-pending headset as well as the development and implementation of their cloud-based software architecture. His work in engineering and design have given him the opportunity to work with and for various universities and companies building devices that offer practical solutions.
George Siragusa is a Senior Business Adviser, and mentor to startups and venture company CEOs and their teams. He is an Adjunct Professor and Senior Business Adviser at George Mason University (GMU) School of Engineering as well as at George Mason's Enterprise Center respectively.
In addition to working with a diverse mix of technology clients, non-technical local business owners and his GMU engineering students, he has mentored and supported three different D.C. area accelerators. His experience spans two parallel 30 year careers, ending as a Global Executive at ExxonMobil, and in command leadership positions as a retired Captain in the U.S. Navy, where he served both active and reserve tours in tactical and strategic roles.
Don Kassner is a life-long entrepreneur who has helped launch and grow ventures in the service industry, training, testing, higher education, and Ed Tech and has successfully launched two remote proctoring companies. Currently, Don is the Founder and President of MonitorEDU, a labor-based, live proctoring company. Prior to MonitorEDU, he was the founder and CEO of ProctorU, the leading remote proctoring company in the world, from 2008-2016 where he led the company's growth to over 1000 clients, 600 employees, and over 1 million proctored exams annually. He was the president of Andrew Jackson University and CFO of Auto University, and he holds an MA in Economics from San Jose State University. His knowledge and experience form his understanding of the need for innovative companies like Proctor360 who are creating new models that meet the changing demands in online testing security.
Abdul Mallick is the VP of Tech Strategy for Flying Phase, a financial services consultancy that leverages cutting edge analytics and technology. He has two decades of experience in the financial services industry and has a penchant for translating organizational needs into practical technology solutions that streamline business processes and enable risk analytics through machine learning. Prior to co-founding Flying Phase, Abdul led multi-disciplinary Agile innovation teams to implement credit risk models across Consumer Card, Home Loans, and Auto Finance at a Fortune 100 company.
Jonathan holds a BS in Electrical Engineering and a PhD in Optical Science & Engineering from University of North Carolina at Charlotte. Jon founded his own company developing IoT application components including embedded control systems, remote sensing devices, and custom-built devices for atypical applications. His broad-spectrum engineering toolbox includes embedded systems programming, electrical design and implementation, and system control technology development. He serves as the Lead Optical engineer for his team with internal development of optical metrology products while supporting ongoing product development for Proctor360.
Scott Crumpler is an experienced marketing professional with more than 20 years of experience working with startups and emerging companies to achieve growth. He has worked in a variety of roles over that time, including vice president, strategist, marketing director, creative director, and web developer. His broad skill set and expertise enable him to help companies see the bigger picture, find efficient solutions to their marketing needs, and achieve early-stage growth and brand activation. In recent years, his career focus has been on working with early stage companies with game-changing ideas. His skills and experience provide companies like Proctor360 with a competitive advantage that enables them to quickly generate traction in their market.
Sandra Taylor, HR Administrator for Proctor360, recognizes that the landscape of the human resource professional is evolving. Her 15 years of experience allows her to seamlessly transition from employee development and recruitment to business leadership and strategic planning. Because she regards the staff of Proctor360 as our most important asset, Our Program management system plays well to Sandra's experience in the areas of learning and development, talent management and workforce planning, compensation and benefits, audit and compliance, as well as on demand support. She strives to develop strategies for an internal environment of diversity and inclusion that recognizes the global environment in which Proctor360 is poised to operate.
Wyatt Courtwright manages exam implementation and proctor resource coordination for all Proctor360 exams. He is a key member of the customer support team and brings with him several years of experience as a trained exam proctor. His core focus is on building effective teams to deliver the best test session experience available on any platform. His duties include Proctoring Team management, test session coordination, and end-user support.
Yvonne Pan is a recent graduate of Case Western Reserve University where she was a communications intern for the Veale Institute of Entrepreneurship and a reporter for The Observer. Her experience there has served her well in her role as content developer at Proctor360 where she writes website content and assists with social media. She holds a BS in civil engineering, secondary major in environmental studies, and minor in English.
Justin Newton-Blackburn provides critical support for all inbound sales activities at Proctor360. He communicates with potential customers to determine their initial interests and coordinates live platform demo's of Proctor360's services and technology. In addition to client-facing presentation, Justin also works with the support team to assist test-takers and provides ongoing account management for Proctor360 customers.
Use of Proceeds
If the offering's maximum amount of $2,000,001 is raised:
|Use||Value||% of Proceeds|
|Compensation for managers||$300,000||15.0%|
|Production, Inventory, & Logistics||$850,000||42.5%|
|Customer Acquisition & Marketing||$600,000||30.0%|
This is an offering of Class B common stock, under registration exemption 4(a)(6), in Proctor360 Inc.. This offering must raise at least $10,000 by November 1, 2021 at 11:59am ET. If this offering doesn’t reach its target, then your money will be refunded. Proctor360 may issue additional securities to raise up to $2,000,001, the offering’s maximum.
If the offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:
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These financial statements have been audited by an independent Certified Public Accountant.
The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemption 4(a)(6) of the Securities Act of 1933.
We’re also required to share links to each of the SEC filings related to this offering with investors.
Understand the Risks
Be sure to understand the risks of this type of investment. No regulatory body (not the SEC, not any state regulator) has passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials or information posted herein. That’s typical for Regulation CF offerings like this one.
Neither Netcapital nor any of its directors, officers, employees, representatives, affiliates, or agents shall have any liability whatsoever arising from any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication of, the materials and communication herein or the terms or valuation of any securities offering.
The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company’s control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
- Oct 11, 2021!(https://proctor360.com/media/140/download/fk-...
Proctor360 Inks Deal with FK Partners for Remote Certification Exams in Brazil
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