PROVIDENCE – Social Venture Partners of Rhode Island provided a $20,000 loan to Metryx LLC, “further strengthening the collaboration between these two organizations,” said SVPRI in a release.
The $20,000 loan is slated to be used to support Metryx’s expansion to a school-wide enterprise version of its current classroom formative assessment software by the start of the 2013-2014 school year in September.
Currently, Metryx’s free individual teacher Web version is used by 600 teachers in the United States and in some international markets.
The $20,000 in SVPRI funding will “enable Metryx to transform classroom and school-wide instruction by putting real-time analytics in the hands of teachers and administrations,” according to a release.
In a release, Diane Lynch, SVPRI partner and member of the group’s loan committee, called the Metryx team “incredibly talented social entrepreneurs.” The release added that the products are “potential game changers in the field of education.”
Metryx’s software lets teachers “track, analyze and differentiate” students across a number of customizable skill sets, according to a release. Using the Metryx system, teachers can identify skills to be monitored while individually tracking students as they perform various classroom activities.
The software is described as “especially useful” for project-based learning, skills demonstration and other activities where multiple-choice assessment data can’t be used to measure student progress.
Metryx CEO Shawn Rubin, who came up with the idea for Metryx as a kindergarten teacher at the Highlander Charter School, said that Social Venture Partners’ help was “critical” in helping transform the company from an idea to a product.
SVPRI mentors helped Rubin and his co-founder, Stephanie Castilla, create their first business plan and worked to launch Metryx as a for-profit social venture.