Santa Monica-based Formative, a developer of software used by K-12 teachers to assign and track homework assignments, has raised $70M in a Series A funding, the company said today. The funding was led by Summit Partners, and also included Emerson Collective, Fika Ventures, Mac Ventures and Rethink Education. The new funding round brings the company's funding up to around $77M. Formative's founders are Craig Jones (CEO) and kevin McFarland (COO). Although this is the company's Series A, the company was actually founded back in 2011.