It has already been a year since Peter Thiel called public attention to the bubble growing in American higher education. Yet, the costs inherent to receiving a college degree have continued to grow, as student debt in the U.S. today has pushed over $1 trillion, with the average debt per student standing at more than $25,000.

With these one trillion red flags finally bringing attention to our antiquated higher education system, a growing number of entrepreneurs have turned their attention to bringing technological innovation to an industry left behind. And big name investors are beginning to provide edtech companies with the type of capital that has been reserved for consumer businesses.

Mountain View-based Coursera is one of many edtech startups looking to help solve the rising costs in higher education through web-based education. The startup is on a mission to disrupt education by bringing Ivy League-caliber courses and material to the masses, for free. To help steer it down this path, the startup is today announcing that it has raised $16 million in venture funding from Kleiner Perkins Caufield & Byers (KPCB) and New Enterprise Associates (NEA). As part of its investment, veteran investor, KPCB partner, and education reform advocate John Doerr and NEA General Partner Scott Sandell, have joined the startup’s board of directors.

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