ELSA, a mobile app that uses Artificial Intelligence and speech recognition technology to help language learners improve their English speaking skills and pronunciation, has secured US$15 million in Series B funding, co-led by Vietnam Investments Group and SIG.
Also participated in the round are returning investors Gradient Ventures (Google’s AI-focused venture fund), SOSV, and Monk’s Hill Ventures. New investors are Endeavor Catalyst and Globant Ventures, which will assist ELSA’s expansion efforts in Latin America.
This new capital will go towards R&D to further develop its voice recognition AI, build a scalable B2B platform and hire new talent.
With this round, the startup’s total financing has touched US$27 million. This includes its Series A round of US$7 million in February 2019.
ELSA (English Language Speech Assistant) was founded in 2015 by Stanford alum Vu Van and Dr. Xavier Anguera.
Also Read: 3 learnings from KKday CEO and Founder on how his travel startup overcame the pandemic
With over 13 million users worldwide, the app claims it helps language learners with an easy way to improve their English speaking ability by listening to how they pronounce words, sentences or conversations to pinpoint exact errors and provide real-time, accurate suggestions on their pronunciation mistakes.
ELSA recently piloted its B2B efforts with schools and companies in Vietnam and India. As a result, the company will now focus on creating a scalable B2B platform that allows cooperation with corporate partners around the world.
With the increase of remote work and investment from companies looking to improve the English speaking skills of their staff, especially in Asia and LatAm regions, ELSA said it has inked many partnerships with corporations and educational institutions worldwide.
Headquartered in the US, ELSA also has offices in Portugal and Vietnam. It claims the app is used by many private schools, public schools and language learning centres.
Also Read: ‘Founders should be able to back up their ideas with sales’: Golden Gate’s newly-appointed Principal Jeffrey Chua
As per the company, in 2020, ELSA nearly doubled its customer base, increased revenue by almost 300 per cent and introduced multiple product enhancements.
The firm’s geographical expansion will focus on the LatAm region where it has experienced exponential growth, plus ongoing investment in Vietnam, India and Japan, where growth was 5x last year with additional demand anticipated in 2021.
Image Credit: ELSA
The post ELSA to expand its AI English pronunciation assistant globally with a US$15M Series B financing appeared first on e27.