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Ed Tech Company Folds After Receiving Millions In Race To The Top Funds

An education technology company has folded after receiving millions of dollars in federal Race to the Top funds to provide online assessments and other services to school districts.

Charlotte-based Thinkgate LLC shut down last week, according to state education officials in Ohio and Massachusetts, two states that used Race to the Top money to contract with the company.

Their joint contract with Thinkgate does not expire until the end of the school year, leaving some schools scrambling to fill the void left by the company’s closure and some parents concerned about the security of student data in the company’s systems.