OpenAI Startup Fund-Backed Speak Announces $16m Series B-2 Financing & Rapid International Expansion
August 31, 2023
SAN FRANCISCO, CA – Today, we’re excited to announce our $16m Series B-2 funding round, bringing total funding to $63m and doubling our valuation in less than a year. The round was led by Lachy Groom, with participation from all existing major investors including the OpenAI Startup Fund and new strategic investors such as the founders of Dropbox, Drew Houston and Arash Ferdowsi, and new institutional investors Neo and GSV. Securing this funding will enable Speak to accelerate development on our superhuman AI Tutor, continue expansion into international markets, and hire new talent to support our availability in newer markets.
"Education will continue to be a sector most profoundly transformed by AI. The most effective approach to learning is through one-on-one human tutoring. There are far fewer teachers than learners, meaning this type of solution isn’t cheap and doesn’t scale. Speak’s mission and approach to create a human-level, AI-powered tutor gives learners around the world access to conversational practice without paying a premium for a live tutor on the other end," said investor Lachy Groom.
Founded in San Francisco, we have been exclusively focused on South Korea and investing in an app experience that transforms the way people learn and speak English. The Korean community values both education and educators to a high degree, and nearly 6% of the population has turned to Speak to help in their educational needs. We’re proud to be consistently ranked as the No. 1 ‘Education app’ in Apple’s South Korean App Store. In 2023 we began international expansion, and are now live in more than 20 countries including Japan, Taiwan, Germany, France, Brazil, Mexico, and more.
The latest advancements in natural language processing and speech technology have been instrumental in building a platform for two-way dialogue, moving beyond static video content. Our unique relationship with OpenAI Startup Fund has allowed us to quickly explore new horizons in language learning innovation and gain early insights into OpenAI's technology. By leveraging the strength of cutting-edge large language models, we’ve been able to push the boundaries and deliver a useful and interactive tutor in the field of language education.
“It’s been incredible to see that the learning experience we spent years honing in a single market, South Korea, has proven to resonate with almost no modifications needed in markets and cultures across the globe,” said CEO Connor Zwick. Looking ahead, we plan on bringing our AI-powered tutor to most major markets around the world by the end of this year, and are gearing up for a launch in the United States, offering English speakers the ability to learn other languages.
For more information about Speak, please visit speak.com.