Smowltech has closed a €1.65 million investment round, led by Fondo Bolsa Social and Sparkmind.vc, a Finnish fund.
Zurbarán advised both investors with a team formed by partner Ricardo Torres García, together with his team of lawyers Ana Barroso and Blanca Compagni Rodríguez-Sacristán.
Wayra, Telefónica’s open innovation hub, was also one of the investors that participated in this round. With the closing of this €1.65 million financing round, Smowltech aims to develop its cutting-edge monitoring technology, strengthen its product and marketing teams and consolidate its presence in its main markets in Europe and Latin America.
Established in San Sebastian in 2012, Smowltech has developed a patented technology that can verify user identity continuously using multibiometric data. Funded with support from the European Commission, its technology allows education providers to verify the identity of students taking online exams, while monitoring their behaviour during the task.
For José Moncada, CEO of Fondo Bolsa Social, “the technology developed by Smowltech makes it easier for students with scarce resources or mobility problems to access training of verifiable quality. It is a big step forward in new training models and we believe it can be instrumental in making the social lift work properly. We see a huge potential social impact of Smowltech to improve education in our country. And in particular in Latin America, where geographical dispersion and social inequality are more accentuated”.