Speak, a startup that wants to help people learn new languages through AI, has raised $78 million in new Series C led by Accel, doubling its valuation in less than six months and reaching valuation Achieved unicorn status with $1 billion.
It was just last June that the San Francisco-based startup announced a $20 million Series B extension at a valuation of $500 million.
Of course, such soaring valuations are nothing new for startups that incorporate AI into their products. In the case of Speak, the startup’s platform generates audio conversations between apps and users, and uses AI to help users improve their fluency.
The company said it has created more than 25 million personalized lessons for users this year alone since introducing its enterprise offering for employers in its last funding round.
Existing investors in the new round include OpenAI Startup Fund, Khosla Ventures, Y Combinator, and more. Speak was founded in 2016 and has raised $162 million to date, according to the company.
“We are at a transformational tipping point in AI-powered learning,” co-founder and CEO Connor Zwick said in a blog post. “English is more than just a language. It is the key to unlocking life-changing opportunities, from higher education and global careers to meaningful cross-cultural connections. We are bringing AI-powered personalized language instruction to the world. We are energized by the opportunity to make it available to millions of people inside.”
AI cash flow
Speak is just the latest startup to bring AI to its applications and raise significant funding.
Last week, investment platform Public raised $135 million in equity and debt funding to expand its AI-powered research capabilities.
AI startups have raised more than $87 billion so far this year, according to data from Crunchbase. This is already significantly higher than last year’s total of less than $56 billion.
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Illustration: Dom Guzman
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