Speak, an artificial intelligence (AI)-backed English Language Learning platform, has announced that it has raised $16 million in a recent funding round. The investment was led by venture capitalist Lachy Groom, with participation from existing investor OpenAI Startup Fund and new investors like Dropbox founders Drew Houston and Arash Ferdowsi. This brings the total amount of funding raised by Speak to $63 million.
The funding will support the company’s plans for international expansion as it seeks to enter new markets. Although Speak did not disclose its valuation or user numbers, the company has users in over 20 countries, including Japan, Taiwan, Germany, France, Brazil, and Mexico.
The success of OpenAI’s conversational bot, ChatGPT, has sparked a competitive race among AI firms such as Google-backed Runway and Microsoft-backed Inflection AI. Investors are eager to find the next breakthrough in this rapidly developing technology.
Speak, based in San Francisco and founded in 2016, aims to revolutionize language learning using AI technology. The company’s platform provides users with personalized lessons and feedback to improve their English language skills.
The OpenAI Startup Fund, which participated in this funding round, is investing $100 million in AI companies. The fund seeks early-stage startups in sectors like healthcare, climate change, and education.
With this new funding, Speak is well-positioned to continue its growth and make language learning more accessible and effective for users worldwide.
Sources: Reuters
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