Total amount raised
$27 Million
Latest funding date
11/1/2022
Location
Speak has successfully navigated six funding rounds, attracting investments from notable venture capital firms such as Khosla Ventures, OpenAI Startup Fund, and Accel. The language learning app leverages AI to provide instant feedback, helping users achieve fluency through speaking out loud.
Keep reading to explore the intricacies of Speak's fundraising journey and the investors backing this innovative platform.
What Is Speak?
Speak, developed by Speakeasy Labs, Inc., is a language learning app that leverages artificial intelligence to help users achieve fluency through speaking out loud. The company operates within the industries of artificial intelligence, e-learning, language learning, and speech recognition.
Founded in San Francisco, California, Speak has grown to employ between 51-100 people. The app has gained significant traction, boasting a 4.8 rating and over 15 million downloads, underscoring its effectiveness and popularity among users.
How Much Funding Has Speak Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2017
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of the AI-driven language learning platform.
- Series A
- Amount Raised: USD 11,000,000
- Date: August 2020
- Lead Investors: JAM Fund, Justin Mateen
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance AI capabilities.
- Series B
- Amount Raised: USD 27,000,000
- Date: November 2022
- Lead Investors: OpenAI Startup Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and improve AI-driven language learning features.
- Series B Extension
- Amount Raised: USD 16,000,000
- Date: July 2023
- Lead Investors: Lachy Groom
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and market expansion.
- Series B Extension
- Amount Raised: USD 20,000,000
- Date: June 2024
- Lead Investors: Buckley Ventures
- Valuation at Round: USD 500,000,000
- Motivation Behind the Round: To support the company's growth and market expansion.
- Series C
- Amount Raised: USD 78,000,000
- Date: December 2024
- Lead Investors: Accel
- Valuation at Round: USD 1,000,000,000
- Motivation Behind the Round: To expand the platform’s language offerings and refine its AI-driven experience.
Total amount raised: USD 152,000,000. Current valuation: USD 1,000,000,000.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders from inception through all phases of growth. They led the Series C funding round for Speak.
- Investment Focus Areas: Early-stage and growth-stage technology companies, consumer AI, enterprise markets.
- Notable Investments: Facebook, Dropbox, Slack, Spotify.
- OpenAI Startup Fund
- Details: Managed by OpenAI, this fund focuses on investing in early-stage AI startups that align with OpenAI's mission. They participated in the Series C funding round for Speak.
- Investment Focus Areas: AI-driven learning, education technologies, transformative AI products.
- Notable Investments: Descript, other AI-driven startups.
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm that provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. They participated in the Series C funding round for Speak.
- Investment Focus Areas: Technology, healthcare, clean energy, disruptive innovations.
- Notable Investments: Square, DoorDash, Impossible Foods.
- Y Combinator
- Details: Y Combinator is a startup accelerator that provides seed funding and support to early-stage startups across various industries. They participated in the Series C funding round for Speak.
- Investment Focus Areas: Early-stage startups, technology, innovation.
- Notable Investments: Airbnb, Dropbox, Stripe, Reddit.
- JAM Fund
- Details: JAM Fund is a venture capital firm founded by Justin Mateen, co-founder of Tinder. They led the Series A funding round for Speak.
- Investment Focus Areas: Technology, consumer internet, mobile applications.
- Notable Investments: Tinder, other consumer internet startups.
What's Next for Speak?
Speak's future is brimming with opportunities. The company plans to expand its language offerings to include Spanish and French, tapping into a market of over 1.5 billion English learners. With more than 200 enterprise customers and a growing user base, the potential for growth is immense. The integration of advanced AI and gamification features will further enhance user engagement and learning outcomes.
Future fundraising efforts are likely to focus on scaling the platform and expanding into new markets. The strong backing from investors like Accel and OpenAI suggests that additional funding rounds are on the horizon. These investments will be crucial for enhancing AI capabilities and broadening the platform's reach.
However, Speak will face challenges such as competition from other language learning platforms and the need to maintain the quality of its AI-driven learning experience. Balancing innovation with user satisfaction will be key as the company navigates its growth trajectory.
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