Cases & Deals

Tenaya participates as lead investor in Series B financing of Inkling Systems

Clients Tenaya Capital LLC

Jones Day advised Tenaya Capital, a venture capital firm, in connection with its investment in Inkling Systems Inc.'s $17 million Series B Convertible Preferred Stock financing round. Tenaya Capital was the lead investor in the Series B round which also included Jafco Ventures, Pearson Education, and Sequoia Capital. Inkling is a San Francisco-based startup company, founded by Matt MacInnis, a former Apple Inc. employee, with a developing platform on the iPad for digital interactive textbooks and learning content. The Wall Street Journal wrote a feature article on Inkling on August 19, 2010, describing the company as "helping textbook publishers rethink and adapt their titles for the iPad to exploit its color, video, and touch-screen capabilities." The Wall Street Journal noted that Inkling is taking advantage of the possibilities available on the iPad format by "adding features like video lectures and interactive quizzes, allowing students to jump outside the text to Google or Wikipedia, and allowing users to highlight text, take notes and share them in real time with other users, such as fellow students." Tenaya describes Inkling as a company that is "reinventing the way people learn, with a vision for a better textbook: one that is interactive and engaging, and takes advantage of the opportunities afforded by new media like the iPad. Additionally, Inkling already has great relationships in place with some of the largest publishers in the textbook industry, including McGraw-Hill and Pearson."