Copyright management service SIPX has received $4m in a series B round which saw investment from its parent Stanford University.
The round was led by venture firm Mohr Davidow, and was joined in participation by peers XSeed Capital and Ulu Ventures, alongside Stanford.
Since spinning out last September, the Palo Alto-based firm has raised $6.4m in venture backing. In January, the firm raised a series A worth $2.4m with backing from XSeed and Ulu.
SIPX plans to use the funds to further develop its product, aimed at protecting higher education copyrights, and to broaden its customer base.
Bob Weinschenk, SIPX chief executive, said: “Over the past year we’ve seen how eager the higher-education marketplace is for the service and benefits that SIPX brings. So we are particularly excited to complete this funding with excellent partners, who understand our vision and can support our growth plans.”
