OpenAI-backed Speak has achieved a $1B valuation on its recent $78M Series C round
Speak, an AI-powered English learning platform specializing in helping its users achieve spoken English fluency, recently secured $78M in Series C funding at a valuation of $1 billion.
Speak is not just an AI-powered app for learning English. The platform's unique approach to language learning is to replicate the behavior of a personalized language tutor for learners with some experience, rather than being a full-fledged solution for first-time learners. This is because Speak focuses strictly on getting its users to develop spoken English fluency. Speak claims that a common occurrence among its users is that they turn to the platform after failing to achieve fluency through other learning methods.
The platform's success is evident; Speak was recently named Google Play’s Best App of 2024 in Hong Kong, Korea, and Taiwan, which Speak claims are three of its largest and fastest-growing markets. Although the company does not disclose its total active users, it has reported that its app has been downloaded over 10 million times, and its average daily usage ranges between 10 and 20 minutes. The platform's enterprise tier, Speak for Business, already features over 200 customers and an 85% adoption rate.
Recently, Speak raised $78M in a Series C at a staggering $1B valuation; a 2x increase from its last funding round, when it received a $500 million valuation. Accel led the funding round, with support from additional investors including the OpenAI Startup Fund, Khosla Ventures, and Y Combinator. In addition to being Speak's financial backer, OpenAI continues to partner with the platform so the latter can leverage technologies like the Realtime API. The API powers Speak's Live Roleplays, an experience that creates immersive roleplay experiences designed to imitate real-life scenarios.
