U.S.-based online education company Udacity announced Wed. its first "nanodegree" course.
Udacity, company that offers massive open online courses (MOOCs) launched a new service called "nanodegree" courses, which aims to teach students a skill without burning a hole in their pockets.
The company reportedly raised $35 million for its new business venture.
A nanodegree course enables students to acquire a skill such as data analysis or programming without taking too much of their time and money.
Udacity teams up with AT&T Inc. to provide a degree in web development that will reportedly cost $1,200.
Udacity is only charging students $200 a month for 6 to 12 months for the AT&T nanodegree.
Getting a bachelor's degree in both private and public schools are costlier than Udacity's offer.
The tuition fee at a private institution is reported to be $21,949 while $6,669 at public schools. The Department of Education reports that the tuition fee averages $29,400, which increased by 20 percent over the past four years.
Udacity has developed a strong market in the United States, India, United Kingdom and Germany.
The venture round brings the total backing of the company to $58 million. The latest round was led by Drive Capital in partnership with Germany's Bertelsmann, Japan's Recruit Holdings and Brazil's Valor Capital. Andreeseen Horowitz and Charles River Ventures also jumped in the business venture.
Meanwhile, online education has become an emerging industry with high potential and is attractive to new companies wanting to invest in venture capital funding.
Similarly, Harvard and MIT went in the same direction and offer their own online courses as well.
Udacity began in 2012 as a way making education "available for all." It was the brainchild of Sebastian Thrun, a former Google Inc Executive who led Google in developing its own self-driving car.
The origin of the name "Udacity" originates from the company's desire to be "audacious for you, the student."
