AI English conversation company SpeakBuddy accelerates preparations for overseas expansion by raising a total of 1.85 billion yen including foreign investors
*Speak Buddy Co., Ltd.*
Press release: September 17, 2024
**
AI English conversation company SpeakBuddy accelerates preparations for overseas expansion by raising a total of 1.85 billion yen including foreign investors
Speakbuddy Co., Ltd. (Headquarters: Chuo-ku, Tokyo, President and Representative Director: Takeshi Tateishi, hereinafter referred to as the “Company”) has announced that it will
Fund (Japan-Taiwan Fund), Mizuho Capital, Mirai Creation Capital (Mizuho Lease CVC)
We are pleased to announce that we have received investment from the operating company (operating company) and have raised a total of 1.85 billion yen. With this procurement, we will accelerate the movement toward realizing our company’s vision of becoming an AI language acquisition startup that drives globalization in Asia.
* Our business details and purpose of this funding *
Our company has developed and provided language acquisition services that utilize the latest AI technology, with the mission of “realizing true language acquisition and expanding life’s possibilities and options.” Our main service, AI English conversation “Speak Buddy,” combines second language acquisition theory with the latest AI technology to improve your English speaking ability. Recently, services that utilize AI have been attracting increasing attention, and the need for English proficiency has been increasing due to the progress of globalization and the resurgence of inbound demand.This service has been growing rapidly and currently has 3.5 million downloads. has exceeded. In addition, due to the growing interest in human capital management among companies, the number of corporations introducing it is increasing, and it has already been introduced by over 100 companies, local governments, school corporations, etc.
The funds raised this time will be used primarily for the ongoing overseas expansion of Speak Buddy, particularly in preparation for expansion into the Asian region. We will continue to strive to provide language learning opportunities not only to Japanese speakers but also to more people.
*Comments from those involved in this funding*
* Mitsubishi UFJ Capital Co., Ltd. Asia and China Office Manager (Golden Asia Fund Contact) Katsuhiro Ueshima*
Golden Asia Fund Ventures Ltd (Japan-Taiwan Fund)
This is a joint fund between Innovative Industrial Technology Transfer Co., Ltd. (ITIC), an investment company of Taiwan’s government research institute Industrial Technology Research Institute (ITRI), and Mitsubishi UFJ Capital. Thanks to its convenience, attractive content, and easy-to-use pricing, SpeakBuddy, in which we recently invested, has a cumulative number of learners of over 3.5 million, making it the leading brand of mobile English online learning platform in Japan. .
Regarding services for corporations, in addition to being evaluated as a service for individuals, the number of corporations using the service is increasing as well, as it is praised for providing tools that companies need to manage their students. . We made the investment with the belief that continued growth is possible from these areas, including business development in Taiwan.
* Mizuho Capital Co., Ltd. Investment Department 6 Manager Yusuke Fujisawa* The AI English conversation app “Speak Buddy” is unique in that, unlike traditional English conversation in person, there are no psychological hurdles as the app uses AI to converse, and it can be taken anytime and anywhere. In addition, we have a large selection of curriculums, and the UX allows for fun learning using personalized lessons and characters, making it easy for even those who have been hesitant to learn English conversation until now. We have already acquired a certain market share in Japan, and we feel that there is a large market and growth potential for overseas expansion in the future, so we made this investment.
It is currently being adopted in the Mizuho Group’s self-development program, and has received extremely high support from many employees. As part of the Mizuho Group, we will continue to do our best to support SpeakBuddy’s growth.
*Nobufusa Takeuchi, Representative Director of Mirai Soso Capital Co., Ltd. (Mizuho Lease CVC Management Company)*
I am very happy to be able to participate in this round.
The AI English conversation app “Speak Buddy” uses AI technology to distinguish between correct and incorrect pronunciations with a high degree of accuracy, so the learning hurdles are low for Japanese people who are not confident in their pronunciation and are not good at face-to-face learning. We understand that it will strongly support the improvement of language skills.
In addition, the product has a simple and easy-to-use UI/UX that allows users to operate it intuitively, so we expect it to be accepted by a wide range of people not only in Japan but also in overseas markets, mainly in Asia. I’m here.
We would like to continue supporting SpeakBuddy’s further growth in the future. * Company Profile*
[Company name] Speak Buddy Co., Ltd.
[English notation] SpeakBUDDY Ltd.
[Location] Coredo Nihonbashi 5F, 1-4-1 Nihonbashi, Chuo-ku, Tokyo [Representative] Representative Director Takeshi Tateishi
[Date of establishment] May 2013
[Business details]
・Development and operation of AI English conversation “Speak Buddy” ・Operation of online English coaching “Speak Buddy Personal Coaching” ・Operation of the Q&A site “Speak Buddy English Learning Q&A” where professional English coaches answer the concerns of English learners. ・Providing AI English conversation “Speak Buddy” and “Speak Buddy Personal Coaching” to corporations
[URL] https://www.speakbuddy.com/