Educational technology has seen a steady rise in the past few years. With this growing demand, companies like ELSA are offering students and professionals a platform to quickly learn and pronounce English accurately.
ELSA, the English Language Speech Assistant, is a speech recognition technology platform that helps users improve their pronunciation. It collaborates with language schools in Vietnam, such as IMAP and Speak Up, as well as YOLA, an online learning platform. ELSA is powered by Artificial Intelligence (AI) to enhance the learning experience. It also serves corporate clients including Kimberly-Clark, Intel, and ATAD. With the goal of providing opportunities to billions of language learners worldwide, ELSA has recently raised $20 million in a new funding round led by UOB Venture Management, the private equity arm of Singapore-based bank UOB.
ELSA uses speech recognition technology to identify users’ voices. 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. It offers various learning approaches such as lessons, songs and regular conversations along with an online dictionary to help users find the meaning of words quickly.
English has always been a necessary language in school, college, or the workplace. It’s more than grammar and structure; it involves reading, listening, writing, and speaking. This is why many people are relying on education mobile apps such as ELSA to learn and practice speaking in English.
Two years ago, ELSA raised $15 million during its Series B round, co-led by VI Group and international investor SIG. Gradient Ventures, an AI-focused venture fund launched by Google, SOSV and Monk’s Hill Ventures were the existing investors. Endeavor Catalyst and Globant Ventures participated in this round as new investors. Prior to that, ELSA secured $7 million in its Series A round led by Gradient Ventures in 2019 and $3.2 million in pre-Series A funding led by Monk’s Hill Ventures in 2018.
UOB Venture Management manages assets worth more than 2 billion Singapore dollars and has invested in several companies, such as Halodoc, a healthcare technology platform; WuXi AppTec, a pharmaceutical manufacturer; Ruangguru, an Indonesian EdTech company; and Wimi, a Chinese AR technology software provider. Recently, UOB Venture Management also led a $33.5 million Series B funding round for Buymed, a Healthtech company, which later secured an $18 million equity investment from the US International Development Finance Corporation.
ELSA is providing teachers and students with an innovative and interactive way to learn English. With AI-backed speech recognition technology and the help of UOB Venture Management, ELSA will be able to ramp up its reach and help more people learn and improve their English speaking skills.
