Udacity is a worldwide, online, professional development service that connects education and employment. Udacity collaborates with industry experts to provide project-based virtual learning courses. These one-of-a-kind partnerships guarantee that students get the technical skills that employers often seek.
Udacity introduced the concept of "Nanodegrees" in technology-related fields such as artificial intelligence, programming, driverless cars, and cloud technology..
According to Udacity, it has commissioned 5 notable aerospace corporations, one of the world’s biggest pharmaceutical companies, Egypt's Information Technology Industry Development Agency, and 3 of the 4 US Department of Defense branches, to create custom courses for their respective specialties.
Additionally, Udacity collaborates with businesses to produce programs as part of their corporate social responsibility initiatives and with technology firms such as Microsoft to design initiatives to increase developer use of their products.
In Q3 of 2020, Udacity has received around £120 million in equity capital from investors such as Andreessen Horowitz. It acquired a $1 billion or £717 million value following its previous investment phase, and an executive said during the same time, that the business was on course to conclude 2019 with more than £70 million in sales. This funding will be utilized to continue investing in the firm's tech infrastructure and expand its client base. Udacity said that this segment of the company is accelerating growth, with Q3 2020 bookings increasing 120% year over year from corporate and government customers and typical run rates increasing 260 percent in H1 2020.
Given that the company is expected to reach £70 million in sales in 2019, business revenues are anticipated to be in the same figures as well, or will be thereafter.
Udacity provides corporations with the same library of nanodegree courses that it does individuals, as well as the opportunity to develop bespoke training programs for the employees. A corporation looking to adopt application containers, for example, may collaborate with the startup to create a series of Hadoop courses. Udacity's appeal to businesses is that maintaining current staff is a smarter choice than recruiting new applicants, especially in domains like artificial intelligence where expertise is scarce.
It's a value offer that has helped the firm accumulate a substantial business clientele. IBM Corp., Qualcomm Inc., and BMW AG are among the companies that have teamed with Udacity for internal staff training.