Language Learning Platform Preply Raises $70M to Integrate AI

JJohn July 19, 2023 12:47 PM

Ukrainian-founded language learning platform, Preply, has secured $70 million in funding to boost its use of artificial intelligence. The firm, which is now based in the U.S., raised this capital through the issuance of new equity and debt.

Preply secures hefty funding

Preply, an innovative language learning platform conceived in Ukraine, has successfully raised an impressive $70 million through the issuance of new equity and debt. This recent funding comes on the heels of a previously raised $50 million Series C funding round, pushing the total capital amassed by the company to a staggering $170 million. The company's escalating financial success signals its enduring growth potential and investor confidence.

Functioning as a marketplace platform, Preply expertly connects language learners with human tutors who independently set their hourly rates. Preply generates revenue by retaining a percentage of these rates. The platform has been adopted by notable large-scale enterprises such as Datadog, GroupM, and Bain, and is utilized to enhance the foreign language skills of their respective teams, highlighting the platform's versatility and appeal across various sectors.

Preply's plan for the raised capital

According to a statement by Kirill Bigai, the CEO and co-founder of Preply, the newly secured funds will be strategically utilized to expand the company's dominance in the online language learning sphere. The focus will be on developing AI-powered human tutors, a move that Bigai asserts is swiftly revolutionizing the learning experience.

AI's role in Preply and current fundraising climate

Despite the increasingly stringent fundraising conditions troubling many startups, AI-centric ventures have emerged as a notable exception, successfully raising substantial capital. Preply has been effectively leveraging machine learning to enhance the compatibility between learners and tutors. With its latest funding, the platform is poised to incorporate more sophisticated AI applications into its services, underlining its commitment to innovation.

Preply's recent fundraising success also sheds light on the sustained interest of tech investors in Ukrainian startups. Apart from Preply, Ukraine has spawned several successful 'unicorn' founders and attracted major tech giants, including Google, Samsung, and Amazon, to establish research and development centers within the country. This reinforces the global recognition of Ukraine's thriving tech sector.

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