Ukrainian startup AllRight raises $5M from Genesis Investments and others
AllRight, a Ukrainian cross-platform online English school for kids raised $5M in series A round led by Genesis Investments, also supported by TMT INVESTMENTS, TerraVC, and existing investors Flashpoint and Misha Lyalin. This was reported to AIN.UA by Genesis.
This round will support the AI tutor development and group lessons to reduce lessons cost.
The startup also plans to use the money to keep entering new markets and strengthen its positions in Poland, Spain, and Latin America.
AllRight is a global platform for English learning for kids 4 y.o. and older, which combines lessons with real teachers and homework with AI-powered tutors. The founders of AllRight are focused on low online education penetration rates and aims to digitalize the industry. The company strives to make learning foreign languages available to every child in the world.
AllRight was founded in 2017, and less than three years since its inception, gained the trust of more than 9,000 loyal students. Currently, teachers deliver about 50,000 lessons per month on an interactive online platform controlled by AI.
The learning process is powered by a synchronized software system that comprises a real-time collaboration platform for teachers and students to deliver live lessons online with lessons quality controlled by AI and an AI-powered tutor with a voice-only interface with speech recognition and synthesis to provide an extra opportunity for kids to practice spoken English with AI.
“Recently, we have launched a mobile application with a Virtual Tutor, who gives additional lessons and communicates with students. At this stage of technology development, we can not replace real teachers with virtual ones, but we are working on the close integration of real and artificial intelligence. We are experimenting with allocating part of the lesson time to the AI-teacher so that the real teacher can conduct several classes at once to reduce the cost of the lessons,” said Oleg Oksyuk, CEO and founder of AllRight.
Expectations of investors
AllRight is focused on international expansion. After its launch, the startup soon entered the markets of Spain and Poland, then Italy.
“There are approximately 1.5 billion English language learners globally and the number of children among them reached 500 million in 2020. The global English Language Learning Market is projected to reach $55 billion by 2025, growing at 7% annually. In such an environment, founders with a precise business vision and a competitive English-learning platform will inevitably accomplish their ambitious goals. The platform currently demonstrates 3x year-over-year growth and the team supports these dynamics by entering new markets and scaling there. With its solid digital marketing and product expertise, Genesis Investments will help AllRight scale internationally and outperform itself,” commented Vitaliy Laptenok, General Partner of Genesis Investments.
This round is the largest deal of Genesis Investments so far. The investors hope that their experience in digital marketing and product expertise will help the startup to scale faster.