AI startup Speak raises $16 mln in latest funding led by Lachy Groom
31/08/2023 11:00
Aug 31 (Reuters) - Speak, an artificial intelligence
(AI)-backed English language learning platform, said on Thursday
that it has raised $16 million in fresh funding led by venture
capitalist Lachy Groom.
The funding round, in which existing investor OpenAI Startup
Fund and new investors like Dropbox founders Drew Houston and
Arash Ferdowsi also participated, brings the total amount of
money raised by Speak to $63 million and will help the company's
expansion into international markets, it said in a statement.
The company declined to disclose its valuation or user
numbers in an email to Reuters on Thursday. Lachy Groom's Fund
had participated in Speak's previous funding round in which it
raised $20 million.
The success of ChatGPT, OpenAI's conversational bot, has
spurred a race among numerous AI firms such as Google-backed
Runway and Microsoft-backed MSFT.O Inflection AI, attracting
investors who are looking for the next big breakthrough in the
fast-developing technology.
San Francisco-based Speak, which was founded in 2016, has
users in more than 20 countries including Japan, Taiwan,
Germany, France, Brazil and Mexico, the company said.
OpenAI Startup Fund is investing $100 million in AI firms
and is looking for early-stage startups in sectors including
healthcare, climate change and education, according to its
website. The fund's investors consist of Microsoft and other
OpenAI partners.
(Reporting by Anirudh Saligrama in Bengaluru; Editing by
Nivedita Bhattacharjee)
((Anirudh.Saligrama@thomsonreuters.com; @journoanirudh on
Twitter;))