AI language learning platform Speak has announced the completion of its Series B funding round, raising $20 million (approximately NT$647 million) and reaching a valuation of $500 million (approximately NT$15.4 billion). The round was led by Buckley Ventures, with participation from existing investors such as OpenAI, Khosla, Jeff Weiner, and Paul Graham, co-founder of Y Combinator.
Founded in 2016, Speak entered the Korean market in 2019 with the goal of providing personalized language learning experiences without the need for rote memorization of vocabulary and grammar. To create a language learning platform comparable to a real-life tutor, the team used an AI speech recognition model that analyzed the intonations of over 10 native language speakers. Speak now boasts a user base of 10 million worldwide.
To date, Speak has raised a total of $84 million (approximately NT$2.7 billion) in funding. The team plans to use the latest capital infusion to accelerate expansion into the global Chinese language market, including Taiwan, as well as continue enhancing their AI speech recognition models.
Why is Speak targeting the English speaking needs of the Chinese language market?
Redefining language learning with AI
Speak is an AI-powered language learning software that aims to redefine the language learning experience and address pain points in English speaking proficiency. It functions like an “on-demand” English tutor, allowing users to practice speaking through AI language coaching, receive instant feedback and correction on pronunciation and vocabulary usage, and access personalized learning plans and content based on their proficiency level and goals.
“For the past 7 years, we have been committed to solving users’ language learning challenges, and we believe that the most advanced speech recognition models are the key technology to create a tutor-like experience,” said Connor Zwick, co-founder and CEO of Speak.
Speak will continue to strengthen its AI speech recognition models to create a learning mode that enables users to learn fluent spoken expression without the need for real-life conversations. The platform has already accumulated over 10 million users.
In early 2024, the team optimized their speech models by focusing on users with over 10 different native languages, resulting in a 60% reduction in Word Error Rate (WER), enhancing speech recognition accuracy.
Speak’s user base has reached 10 million, targeting the Taiwanese market
Since its initial launch in South Korea in 2019, Speak has gained 10 million users from 40 countries and regions. Today, Speak announced the completion of its Series B funding round, raising $20 million (approximately NT$647 million).
The round was led by Buckley Ventures, with participation from existing investors such as OpenAI, Khosla, and notable angel investors Paul Graham and Jeff Weiner.
Speak has announced its entry into the Chinese language market and has already launched its English courses in Taiwan, offering localized real-time tutoring content and AI conversation topics to meet the growing English learning needs of the Taiwanese market.
Josh Buckley, partner at Buckley Ventures, said, “Speak has demonstrated rapid growth in the global market expansion over the past year.”
Looking ahead, Connor Zwick, co-founder and CEO of Speak, stated that the funding will be used for model development, including voice-to-voice interface, aiming to provide users with a seamless experience similar to real-life conversations and real-time feedback on pronunciation and intonation.
Moreover, Speak plans to continue expanding globally by introducing new language courses, such as Spanish, in the North American and European markets, and entering the Chinese language market. In addition to adjusting the interface to Chinese, the team will create localized real-time tutoring content and conversation topics. Currently, they have already launched English courses in Taiwan.
With Speak’s rapid growth in the global market, their AI language learning platform will continue to open doors for more people to learn English and lead innovation in the field of language learning.