AllRight, an online English language learning platform for children, has raised $5 million in a Series A funding round led by venture capital firm Genesis Investments.
The round also saw participation from TMT Investments, TerraVC, and the company’s existing investors Flashpoint and Misha Lyalin.
Founded in 2017 by Oleg Oksyuk, AllRight teaches English to children four years or older with lessons from real teachers and homework from AI-powered tutors. Since its inception, the startup has launched Spanish-English, Polish English and Russian-English language pairs and has so far garnered more than 9,000 students, who take 50,000 lessons per month.
AllRight’s learning process is powered by a real-time collaboration platform for teachers and students, doing live lessons online with lessons quality controlled by AI and an AI-powered tutor with a voice-only interface with speech recognition and synthesis. This allows children to practice English with AI. The lessons are based on the company’s specially developed syllabus, which combines Cambridge communicative approach and Total Physical Response (TPR) method.
Speaking about the company, Oleg Oksyuk, founder of AllRight, said,
“Our pilot language pair launch three years ago showed that learning a language with gamification in early childhood produces excellent results. That is why in March 2019 we directed our efforts to further delivery of an affordable edutainment program and launched Spanish-English and Polish-English language pairs.”
The Ukraine-based company plans to use the new proceeds to enter new markets and strengthen its positions in Poland, Russia, Spain and Latin America.
According to reports, approximately 1.5 billion individuals are learning the English language globally and out of which the number of children among them has reached 500 million in 2020. The global English language learning market is projected to reach $55 billion by 2025, growing at 7% annually.
Seeing this opportunity, AllRight targets markets with low online education penetration rates, such as emerging markets.
Commenting on the investment, Vitaly Laptenok, General Partner of Genesis Investments, said,
“This is the biggest deal of Genesis Investments by date. The platform currently demonstrates three times year-over-year growth and the team supports these dynamics by entering new markets and scaling there.”
Like any other education technology company, AllRight has also benefitted from the COVID-19 pandemic since many lessons in schools are now conducted virtually.
AllRight has multiple competitors in the space, some of which include Open English, LingoKids, MyBuddy, Preply, and NovaKid.