Preply language app secures $120M in Series C funding, strengthens AI focus

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Preply, the language learning platform, has successfully closed its Series C funding round at $120 million and is now set to focus on advancing its AI capabilities. The company, which is known for connecting students with live tutors, raised an additional $70 million in a combination of debt and equity financing, bringing its total funding to $120 million. Leading the round is Horizon Capital, with participation from Reach Capital, Hoxton Ventures, Owl Ventures, and other existing investors.

While Preply has built its reputation on its extensive network of human tutors, it aims to leverage AI to further enhance the learning experience and expand its reach. The funding will be used to scale up the company’s AI capabilities, enabling it to deliver a more personalized and effective learning experience. Preply believes that AI, coupled with human-led learning, will be a game-changer for language education.

Preply, originally founded in Ukraine, has thrived despite the country’s challenging political situation. Over the past few years, the company has experienced significant growth, with sales increasing tenfold and securing 200 new contracts within the B2B sector. Notable customers include Datadog, GroupM, and Bain.

The integration of AI into Preply’s platform is not entirely new. The company already offers an AI teaching assistant to assist tutors in creating exercises, grammar explanations, and conversation starters. Additionally, Preply has developed AI analytics tools to monitor student progress. The latest funding will enable Preply to further enhance these AI elements and meet the current demand for AI-powered language learning solutions.

Preply’s decision to invest heavily in AI can be seen as a strategic move to stay ahead of competitors like Duolingo, which is also exploring AI-driven advancements in language learning. By incorporating AI into its platform, Preply aims to improve the effectiveness of tutors and provide a more immersive learning experience for students.

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Kirill Bigai, co-founder and CEO of Preply, expressed his excitement about the funding round and the company’s vision for the future. He emphasized that while AI will play a crucial role, Preply remains committed to human-led learning as its core value. The funding will enable Preply to continue its leadership in the language learning sector and establish itself as a pioneer in AI-powered human tutoring.

Dmytro Boroday, a partner at Horizon Capital, commended Preply’s performance and operational excellence. He expressed the company’s pride in supporting Preply as it enters the next phase of growth. James Kim, a partner at Reach Capital, highlighted the potential of AI to enhance the tutor-student experience and applauded Preply for its innovative approach to language education.

As Preply embraces AI, it looks set to revolutionize language learning by combining the strengths of human tutors with the benefits of AI technology. With its recent funding success, Preply is well-positioned to drive the future of language education and meet the evolving needs of students worldwide.

Frequently Asked Questions (FAQs) Related to the Above News

What is Preply?

Preply is a language learning platform that connects students with live tutors for personalized language education.

How much funding did Preply secure in its Series C round?

Preply closed its Series C funding round at $120 million.

Who led Preply's Series C funding round?

Horizon Capital led the round, with participation from Reach Capital, Hoxton Ventures, Owl Ventures, and other existing investors.

What will Preply focus on with its latest funding?

Preply will focus on advancing its AI capabilities to enhance the learning experience and expand its reach.

How does Preply plan to leverage AI in its language learning platform?

Preply aims to use AI to deliver a more personalized and effective learning experience by combining it with human-led learning.

What has been Preply's growth and performance in recent years?

Preply has experienced significant growth, with sales increasing tenfold and securing 200 new contracts within the B2B sector. Notable customers include Datadog, GroupM, and Bain.

Has Preply already integrated AI into its platform?

Yes, Preply already offers an AI teaching assistant and AI analytics tools. The latest funding will further enhance these AI elements.

What is Preply's goal in investing heavily in AI?

Preply aims to improve tutor effectiveness and provide a more immersive learning experience for students, staying ahead of competitors like Duolingo.

What does Preply's CEO emphasize about the company's vision?

Preply's CEO emphasizes that while AI is crucial, human-led learning remains the core value of the company.

Who has expressed support for Preply's funding and AI focus?

Dmytro Boroday from Horizon Capital and James Kim from Reach Capital have expressed support for Preply's funding and innovative approach to language education.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Advait Gupta
Advait Gupta
Advait is our expert writer and manager for the Artificial Intelligence category. His passion for AI research and its advancements drives him to deliver in-depth articles that explore the frontiers of this rapidly evolving field. Advait's articles delve into the latest breakthroughs, trends, and ethical considerations, keeping readers at the forefront of AI knowledge.

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