Academia Announces $23.5 Million in New Funding Led by China’s Tencent, Plans to Expand Into Open Access Journal Publishing and Hosting
Academia.edu has grown to 175 million users and is nearing half of the world’s academic research content. With around 100 million papers written since the 1600s, Academia aims to make every research paper ever written freely available on the internet. This growth has attracted $23 million in Series D funding led by Tencent, bringing the total investment raised to $63 million. True Ventures and Greyrock Investments also participated in the funding round. With this new funding, the company aims to expand into allowing academics to be peer-reviewed and published in journals hosted on the Academia platform.
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“We want to build the world’s fastest academic peer reviewed open access publishing,” [Richard] Price, [Founder and CEO] said. “The whole process takes 10 days rather than traditionally 12 months.” The move follows the company’s launch of an experimental journal called Academia Letters last year, which has so far published 5,000 short peer reviewed articles.
About Gary Price
Gary Price (firstname.lastname@example.org) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. He earned his MLIS degree from Wayne State University in Detroit. Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com. Gary is also the co-founder of infoDJ an innovation research consultancy supporting corporate product and business model teams with just-in-time fact and insight finding.