AllRight, a Ukrainian cross-platform online English school for children, has raised $5 million in a Series A round led by Genesis Investments, with participation from TMT Investments, TerraVC, and existing investors Flashpoint and Misha Lyalin, chairman and chief executive of mobile game firm Zeptolab.
The company stated it will use the funding for artificial intelligence tutor development and group lessons to reduce lesson cost, as well as entering new markets and strengthening its positions in Poland, Spain, and Latin America.
Founded in 2017, AllRight is a global platform for English learning for children aged four and upwards, which combines lessons with real teachers online and homework with AI-powered tutors.
AllRight was funded by chief executive Oleg Oksyuk who said: “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 cannot 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.”
Vitaliy Laptenok, general partner of Genesis Investments added: “At a time of the highest opportunity for the online education industry, we are very excited to announce the biggest deal of Genesis Investments to date. The impressive AllRight team, with decades of experience, designed an impressive high-tech product with tempting market potential.
“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.”
Date published: 27 November 2020