ELSA, a leading online language learning app that helps students and professionals speak English quickly and pronounce words correctly, has raised $20 million in a new funding round led by UOB Venture Management, the private equity arm of Singapore-based bank UOB.
ELSA, “English Language Speech Assistant,” helps users improve their pronunciation using speech recognition technology. The platform collaborates with language schools in Vietnam, including IMAP and Speak Up, as well as the online learning platform YOLA. The app has been powered by AI for the smart learning experience. It also serves corporate clients such as Kimberly-Clark, Intel, and ATAD. The company aims to unlock more significant opportunities worldwide for billions of language learners.
Headquartered in San Francisco and Ho Chi Minh, the startup uses speech recognition technology to identify users’ voices. So, while practicing, the app listens to the user’s voice and compares it with the speaker’s accent. If the users mispronounce words, it will quickly detect them and suggest the correct pronunciation. The learning experience includes many ways, such as exciting lessons, songs, regular conversations, etc. Additionally, an online dictionary is integrated into the app that assists users in finding the meaning of words immediately.
The demand for learning English has been around for a while. It’s always been here, but globalization has made it the need of the hour. Whether in school, college, or the workplace, speaking in English has become necessary. It is the most spoken and studied language in the world. In such a scenario, everybody wants to learn English speaking or improve their existing skills. This is because English is not only about grammar and structure but also about reading, listening, writing, and speaking. Speaking is the most required skill for effective and proper communication.
As a result, people are increasingly relying on education mobile apps to learn English. Elsa is catering to millions of people today to help them learn English, create proper sentences, express their thoughts, and speak English like they speak their native language.
The latest investment comes two years after the firm 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 Endeavor Catalyst and Globant Ventures, also participated in this round. Prior to that, it secured $7 million in a Series A round led by Gradient Ventures in 2019. In 2018, the company had obtained pre-Series A funding of $3.2 million, led by Monk’s Hill Ventures, for talent acquisition and technology development.
UOB Venture Management manages assets exceeding 2 billion Singapore dollars ($1.5 billion) and invests through various funds. Notable investments include Halodoc, a healthcare technology platform; WuXi AppTec, a pharmaceutical manufacturer; Ruangguru, an Indonesian EdTech company; and Wimi, a Chinese AR technology software provider.
In Vietnam, UOB Venture Management recently led a $33.5 million Series B funding round for the Healthtech company Buymed. Subsequently, Buymed secured an $18 million equity investment from the US International Development Finance Corporation.
