English learning platform ELSA Secures $22.5M in Series C funding
ELSA, a platform for learning the English language, has recently secured $22.5 million in Series C funding. Additionally, it has introduced ELSA AI Tutor, which leverages years of speech recognition data accumulated by the app to reproduce dialogues using generative AI, thereby helping students refine their pronunciation, grammar, and tone. With this latest round of funding, ELSA has raised $60 million thus far.
UOB Venture Management led the latest funding round for ELSA, with participation from UniPresident, Aozora Bank, Vietnam Investments Group (VIG), and the Development Bank of Japan (DBJ). Gradient Ventures (Google’s AI-focused fund), Monk’s Hill Ventures, and Global Ventures, all existing investors, also participated in the round. ELSA secured $15M in Series B funding in Jan 2021, with offices in San Francisco, Lisbon, and Ho Chi Minh City. Clarissa Loh, Senior Director at UOB, joined ELSA’s board.
In an email, Vu Van, the founder and CEO of ELSA, announced that the recently acquired funds will be utilized to enhance and broaden the platform’s reach globally. With the new investors, ELSA is looking to expand further in Taiwan, enter the Middle East and Turkey markets, and strengthen its position in Japan, primarily focusing on students and B2B services. As English is a crucial requirement for most jobs worldwide, ELSA aims to empower more individuals to join the global job market by improving their English proficiency.
Van established ELSA in 2016, offering customized learning plans, interview and test preparation, and a speech analyzer to improve users’ conversational skills. ELSA AI Tutor is an AI-powered voice tutor that allows users to participate in role-playing scenarios, such as a customer service job, where the tool uses speech recognition to provide specific feedback on pronunciation, grammar, and tone. Additionally, the device remembers past performance and customizes lessons accordingly. ELSA AI Tutor is an affordable and personalized solution for individuals who wish to practice conversational skills with a tutor but need access to one. In a statement, Loh expressed excitement about supporting ELSA’s growth in Southeast Asia, stating that AI will revolutionize the educational industry and enable users to enhance their skills, opening up more job opportunities, particularly in developing countries.