English learning app co-founded by Vietnamese raises $7 million
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ELSA has raised $7 million in a Series-A round from Google’s AI Fund Gradient Ventures and other U.S. investors. The investment round for ELSA, a mobile app that uses artificial intelligence and speech recognition technology to help language learners improve their English pronunciation, was led by Gradient Ventures, Google’s AI-focused venture fund.
According to tech news provider Engadget, the Google fund will also offer “technical mentorship” to AI startups. ELSA will gain access to Google itself, including prominent figures such as investor and futurist Ray Kurzweil, design mastermind Matias Duarte and X lab leader Astro Teller.
U.S. fund SOSV and Singaporean Monk’s Hill Ventures, strategic investment funds from the previous investment round, also invested in the app. In three years after its establishment, ELSA has successfully attracted $12 million through funding rounds in Silicon Valley, the U.S. and Asia.
CEO and co-founder Van Dinh Hong Vu revealed that this round of funding will help the startup continue to recruit computer engineers and computer scientists in AI, and to explore new markets like Japan, Indonesia and India.
ELSA currently has 4 million users from 101 countries worldwide, making it one of the top 5 AI applications with the most users. In 2018, the application recorded an increase in student enrolment by 350 percent over the previous year.
Vietnam has been the fastest growing market for ELSA. ELSA grew its business fourfold in Vietnam in 2018 and expects to grow at a faster pace in 2019.
Questions & Answers
Q.What is the total investment ELSA has attracted since its establishment?
What is the total investment ELSA has attracted since its establishment?
ELSA has successfully attracted $12 million through various funding rounds in Silicon Valley, the U.S., and Asia since its establishment three years ago.
Q.Which specific markets does ELSA plan to explore with this new funding?
Which specific markets does ELSA plan to explore with this new funding?
This funding will help ELSA explore new markets, specifically Japan, Indonesia, and India, as part of its expansion plans.
Q.How many users does the ELSA app currently have and where are they located?
How many users does the ELSA app currently have and where are they located?
ELSA currently has 4 million users from 101 countries worldwide, making it one of the top five AI applications by user count.
Q.What kind of support will Gradient Ventures offer ELSA beyond financial investment?
What kind of support will Gradient Ventures offer ELSA beyond financial investment?
Gradient Ventures, Google's AI-focused fund, will also offer "technical mentorship" to ELSA, alongside providing access to prominent figures from Google.
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