AI language learning platform, Speak, announced today that it has completed its Series B funding round, raising a total of $20 million USD (approximately NT$647 million). The company is now valued at $500 million USD (approximately NT$15.4 billion). This round of funding was led by Buckley Ventures, with participation from existing investors such as OpenAI Entrepreneurship Fund and Khosla. Notably, Jeff Weiner, the former CEO of LinkedIn, and Paul Graham, the co-founder of Y Combinator, also participated in the funding round.
Speak was founded in 2016 and expanded into the Korean market in 2019. Its goal is to provide a personalized language learning experience for everyone, without the need for rote memorization of vocabulary and grammar. To create a language learning platform that rivals real-life tutors, the Speak team has developed an AI voice recognition model that analyzes the intonation of over 10 native language speakers. To date, Speak has attracted over 10 million users worldwide.
With this latest funding round, Speak has raised a total of $84 million USD (approximately NT$2.7 billion). The company plans to use this capital to accelerate its expansion in the global Chinese language market, including Taiwan, and continue to enhance its AI voice recognition model.
Why does Speak target the English speaking needs in the Chinese language market?
Redefining language learning with AI
Speak is an AI-powered language learning software that aims to redefine language learning for its users and address the pain points of learning spoken English. It functions like an “on-call” English tutor, allowing users to practice speaking with an AI language tutor, repeatedly practice vocabulary and phrases, and receive instant feedback and corrections. Speak also designs personalized learning plans and content based on the user’s proficiency level and goals.
“For the past seven years, we have been dedicated to solving users’ language learning problems, and we believe that the most advanced speech recognition model is the key technology to create a tutoring experience comparable to real-life tutors,” said Connor Zwick, co-founder and CEO of Speak.
Speak will continue to enhance its AI voice recognition model to create a learning mode that allows users to learn fluent oral expression without the need for real-life conversations. The platform has already accumulated over 10 million users worldwide.
To optimize the accuracy of speech recognition, the team optimized the speech model for over 10 native language speakers earlier this year, successfully reducing the Word Error Rate (WER) by 60%.
With 10 million users and expanding into the Taiwanese market
Since its launch in South Korea in 2019, Speak has accumulated 10 million users from 40 countries and regions. Today, Speak announced the completion of its Series B funding round, raising $20 million USD (approximately NT$647 million).
This funding round was led by Buckley Ventures, with participation from existing investors such as OpenAI Entrepreneurship Fund and Khosla. Notably, well-known angel investors Paul Graham and Jeff Weiner also participated.
Speak has announced its entry into the Chinese language market and has launched its English courses in Taiwan, creating tailored and localized content as well as AI conversation topics to meet the growing demand for English learning in the Taiwanese market.
“Buckley Ventures Partner Josh Buckley said, “Speak has demonstrated its rapid growth momentum in the global expansion last year.”
Looking ahead, Connor Zwick, co-founder and CEO of Speak, stated that the funds from this round will be used for model development, including voice-to-voice interface, with the aim of providing users with a seamless experience that feels like real-life conversations and receiving more immediate feedback on pronunciation and intonation.
Furthermore, Speak plans to continue expanding its global presence by adding new language courses, such as Spanish, in the North American and European markets, as well as entering the Chinese language market. The platform will not only adjust its interface to Chinese but also create localized content and conversation topics. It has already launched its English courses in the Taiwanese market.
With the rapid global expansion of Speak, its AI language learning platform will open the doors to English learning for more people and continue to lead the innovation in the global language learning field.