AI Language Startup Speak Hits Unicorn Status After Raising $78M Series C
Dec 10, 2024 - news.crunchbase.com
Speak, a San Francisco-based startup focused on AI-driven language learning, has raised $78 million in a Series C funding round led by Accel, doubling its valuation to $1 billion and achieving unicorn status. The company, which previously raised a $20 million Series B extension at a $500 million valuation in June, uses AI to generate audio conversations and improve language fluency. Speak has created over 25 million personalized lessons this year and introduced an enterprise offering. Existing investors include OpenAI Startup Fund, Khosla Ventures, and Y Combinator. Since its founding in 2016, Speak has raised a total of $162 million.
The rise in Speak's valuation is part of a broader trend of AI startups attracting significant investment. Last week, investment platform Public raised $135 million to enhance its AI-enabled research features. AI-related startups have raised over $87 billion this year, surpassing last year's total of less than $56 billion, according to Crunchbase data.
Key takeaways:
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Speak, a language-learning startup, raised $78 million in a Series C round led by Accel, doubling its valuation to $1 billion in less than six months.
The startup uses AI to generate audio conversations and improve users' fluency, having created over 25 million personalized lessons this year.
Existing investors in the new funding round include OpenAI Startup Fund, Khosla Ventures, and Y Combinator.
AI-related startups have raised over $87 billion this year, significantly surpassing last year's total of less than $56 billion.
