Loora raises $12 million in funding to personalize English learning through generative AI
Posted: February 21, 2024 7:00 AM Updated: February 21, 2024 3:15 AM
Correction and fact check date: February 21, 2024, 7:00 AM
briefly
Loora has raised $12 million in funding to strengthen its proprietary AI capabilities that power its language learning app and expand its market reach.
Collected by Loora, a generative AI-based English learning company. $12 million Funding in progress. The Series A round was led by QP Ventures, with participation from new investor Hearst Ventures and existing investors Emerge and Two Lanterns Venture Partners.
The new funding comes just eight months after Loora quietly launched with a $9.25 million seed funding round. Loora said it will use the funds to expand its team, advance its proprietary AI capabilities to strengthen its mobile app, and expand its market reach to new customers in the coming months.
By 2023, the company will see annual recurring revenue (ARR) grow more than 8x and user retention rates will double. Unique AI training methodologies and proprietary data fuel the company’s rapid growth and continually improve its core models.
“There is a high demand for English learning solutions around the world. However, existing solutions are ineffective or inaccessible, preventing many people from developing true English fluency. Recent funding will allow us to expand our solutions to more learners and audiences around the world, including Android users and enterprise customers, giving more people the opportunity to improve their personal and professional prospects through English fluency. “We will be able to provide ,” CEO and co-founder of Loora, Roy Mor, told MPost.
“With this funding, we plan to expand our user base and market share through the launch of an Android version of our app and a B2B service that can be used by employers, universities and other organizations,” Mor added.
With Loora, learners have 24/7 access to a personal AI tutor, ready to speak on any topic of their choice, and personalized, real-time feedback using AI built, trained, and optimized specifically for this purpose. Provides:
Ease of language learning through AI-based personalization
Loora’s mobile app platform leverages custom AI capabilities to enhance your personalized language learning experience. The system uses generative AI that has been explicitly optimized over time to solve the problem of providing engaging and effective conversational journeys for users. By focusing on individualized learning paths and providing real-time feedback on grammar, pronunciation, and intonation, Loora addresses common anxieties among non-native English speakers.
Additionally, the app provides translation directly into the learner’s native language when needed, contributing to an inclusive and supportive learning environment.
“Loora allows learners to practice real-life situations of their choice, and the app even suggests conversation topics that may be helpful. This provides learners with a real opportunity to practice and gain the skills they personally and realistically need, such as the ability to participate in high-level discussions on specific topics for work purposes or to participate in professional interviews,” said Roy Mor, CEO of Loora. said: MPost. “Over 70% of our learners aim to improve their English skills for professional development and use Loora specifically for this purpose.”
Mor added that the platform’s unique ability to deliver an effective, personalized English learning experience and optimized AI capabilities play a key role. Additionally, proprietary data and dedicated training and assessment systems for the Language Learning Model (LLM) contribute to continued user engagement and increased retention.
Loora uses a variety of strategies to expand its user base across different geographies, including social media, marketing initiatives, and word of mouth. The platform also plans to introduce new features and products, including an Android version and B2B solutions, in 2024 to meet growing demand and reach more English learners.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.