Language learning app ELSA raises $23mln in Series C round
$23 million raised in Series C funding round led by UOB Venture Management together with UniPresident and Asia Growth Investment Fund.
ELSA, the company behind the AI-powered English learning app ELSA Speak, announced on September 12 that it had raised $23 million in Series C funding, led by UOB Venture Management and joined by UniPresident and the Asia Growth Investment Fund.
Coinciding with the fundraising, ELSA also launched ELSA AI, the latest feature of ELSA Speak, allowing users to practice communicating with AI in all life contexts. The new offering is designed to teach English by replicating natural conversations through Generative Voice AI technology.
The new funding will help fuel the deployment and expansion of ELSA AI into international markets such as Taiwan (China), South Korea, and the Middle East, as well as accelerate partnerships with corporations and schools in countries like Japan, where English students are looking to improve their language skills to expand their career opportunities.
“We believe AI will pave a new way forward for the education industry,” said Ms. Clarissa Loh, Executive Director of UOB Venture Management. “ELSA’s affordable and personalized AI-enabled English-speaking solution will allow users to improve their skills, thereby opening up more job opportunities, especially in developing countries. We are excited to support ELSA’s growth into more markets, especially in Southeast Asia.”
“Through my own journey, I discovered that my purpose is to help others communicate in English more easily and confidently,” said Ms. Van Dinh Hong Vu, ELSA’s Founder and CEO. “ELSA AI is an effective alternative to the need for high-quality tutors. We believe that with our talented team and advanced AI technology, ELSA AI will become the global standard for English studies.”
This latest investment comes two years after it raised $15 million in its Series B round, co-led by VI Group and international investor SIG. Existing investors Gradient Ventures, an AI-focused venture fund launched by Google, SOSV, and Monk’s Hill Ventures, as well as new investors including Endeavor Catalyst and Globant Ventures, also participated in the round.
Prior to that, it secured $7 million in a Series A round in 2019 led by Gradient Ventures. In 2018, it obtained pre-Series A funding of $3.2 million, led by Monk’s Hill Ventures, for talent acquisition and technology development.
