To talka startup that wishes to assist people learn latest languages using artificial intelligence has raised a latest $78 million in Series C funding, led by Speed up — doubling its valuation in lower than six months and achieving unicorn status at a valuation of $1 billion.
It wasn’t until June last 12 months that the San Francisco-based startup announced $20 million Series B extension at a $500 million valuation.
Of course, such valuation spikes are nothing latest for startups that incorporate AI into their products. In the case of Speak, the startup’s platform generates audio conversations between the application and the user, and the use of artificial intelligence helps improve user experience.
The company said it has created greater than 25 million personalized lessons for its users this 12 months alone, and has introduced an enterprise offering for employers since the previous funding round.
Current investors in the latest round include: OpenAI startup fund, Khosla ventures AND Y Combinator among others. Founded in 2016, Speak has raised $162 million for the company.
“We are at a turning point in the transformation of learning with AI,” said the co-founder and CEO Connor Zwick In blog. “English is not just a language; it is the key that unlocks life-changing opportunities, from higher education and global careers to meaningful cross-cultural connections. We are excited to bring AI-powered personalized language tutoring to millions of people around the world.”
AI Cash Flow
Speak is the latest startup to make use of artificial intelligence in its applications and raise big money.
Last week, investment platform Public raised $135 million in equity and debt financing because it plans to expand its AI research capabilities.
According to Crunchbase, AI startups have raised over $87 billion up to now data. This already far exceeds last 12 months’s total of slightly below $56 billion.