Arizona-based education credentials data company Parchment Inc. announced that it has raised $6 million in the latest funding round led by Salmon River Capital LLC. Additional financiers include Michael Chasen, president and CEO of Blackboard (News - Alert) Inc. and Novak Biddle Venture Partners. The existing investors also participated in the funding round.

The capital is going to be utilized for accelerating its product development, employee recruitment, and expansion in the higher education market, Parchment officials revealed in a press release.

Parchment works with institutions and corporations around the world helping people collect, promote, and share their education credentials in simple and secure ways. The company allows the students to research colleges and get college recommendations.

At the Parchment site, the students can discover their chances of admission by comparing their credentials with those of their peers. The site also allows them to send official transcripts when they are ready to apply.

Since 2010, Parchment has secured $10.5 million in funding. According to the company, an innovative approach, strong leadership team, and attractive market position has helped Parchment secure such huge capital in a short span of time. With the new funding, Salmon River Capital founder and managing principal Joshua Lewis has joined the Parchment Board of Directors.

“In a knowledge economy, where skills and training matter more than ever, education credentials are critical for embodying what we know and how well we know it. Through our credentials data solutions, we enable K-12 and higher education leaders, as well as individual learners, to leverage the power of an increasingly valuable category of data. We are thrilled to have a fund as expert, committed, and successful in the education industry as Joshua Lewis’s Salmon River Capital to help us realize this opportunity,” CEO Matthew Pittinsky said in a statement.

Parchment currently holds 30 percent of the American high school market. Last year, the company reportedly delivered 1.6 million electronic transcripts to educational institutions and individuals. To support this expansion, the company moved its office headquarters to Scottsdale, Ariz., and doubled the size of its staff.

Last year, Perceptive Software, creator of enterprise content management (ECM) products, including ImageNow document management, document imaging and workflow solution announced a partnership with Parchment for their Docufide platform.