The worldwide market for learning English is forecasted to exceed $70 billion by 2030. This growth is being fueled by a continued desire among people to improve their English skills, opening up better job prospects and social opportunities. Additionally, the emergence of AI-powered language learning tools is contributing to this expansion by catering to a growing audience.

However, despite the availability of various solutions, there are limitations. Traditional tutors can be costly and may not always be readily accessible. Many existing language learning apps, even those incorporating AI, are often designed for beginners or casual learners, leaving serious English learners searching for more effective options.

This is where Loora comes in. Loora is a generative AI English language learning tech startup that makes English fluency accessible and attainable around the world with its virtual AI tutor. The Loora app provides learners with personalized coaching, available 24/7, offering real-time feedback on pronunciation and grammar during conversations on any topic, all at an affordable price. Loora’s unique approach allows users to practice English in contexts that matter to them, such as simulating job interviews or engaging in technical discussions, thereby empowering them to progress in their careers and social interactions.

Recently, Loora announced that it secured $12 million in Series A funding to further its mission of making English fluency accessible globally. This investment, led by QP Ventures and joined by Hearst Ventures along with existing investors, will support Loora in expanding its team, enhancing its AI capabilities, and reaching new audiences.

Founded in 2020 by Roy Mor and Yonti Levin, Loora is dedicated to leveraging generative AI to democratize English fluency. Their platform provides an experience akin to conversing with a native English speaker but with the flexibility and affordability of an app. With continuous improvements driven by their unique AI training methodology and data, Loora has seen significant growth in user retention and annual recurring revenue.

Commenting on the investment, Loora CEO Roy Mor, CEO of Loora, expressed excitement about the positive impact their technology is having on people’s lives, both personally and professionally. He emphasized the importance of continually advancing their AI to provide effective, engaging, and personalized learning experiences.

“Gaining English fluency can drastically improve peoples’ prospects, whether they’re looking to advance in their professional or personal lives. We’re excited to have quickly built a reality in which Loora is utilizing AI for good, enabling our rapidly growing community of learners across the globe to improve their lives with this new technology,” said Roy Mor, CEO and Co-Founder of Loora. “Building AI that can guide and support learners throughout their journey to achieving English fluency in an effective, engaging, and personalized way is a significant technological endeavor. We are grateful to have such incredible investors supporting us as we work to constantly improve our technology and expand its reach to even more individuals, professionals, and organizations.”

In 2023, Loora experienced remarkable growth with an over 8X increase in Annual Recurring Revenue (ARR) and a 2X improvement in user retention. The company attributes its rapid progress to a unique AI training methodology and proprietary data continually refining its core models.

Loora’s success has caught the attention of investors like QP Ventures and Hearst Ventures, who recognize the company’s potential to revolutionize English language learning on a global scale. With thousands of subscribers already across various regions, Loora is poised for further expansion, including reaching Android users and expanding into enterprise solutions.

“We invest in exceptional teams with audacious ideas that have far-reaching impact, and Loora fits the bill perfectly with its distinctive application of AI to English language learning that enables true conversational fluency at scale,” noted Daniel Robins at QP Ventures.

Loora, with thousands of paying subscribers across the US, Europe, Asia, and Latin America, is currently available for download on the App Store. The company plans to utilize the recent funding to further expand its team, enhance its underlying AI technology, and extend its service to Android and enterprise users in the upcoming months.

With AI continuing to mainstream adoption, Loora represents a promising advancement in language learning technology, harnessing AI to make fluency in English more achievable and accessible to individuals worldwide.

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• Source: https://techstartups.com/2024/02/21/loora-raises-12m-in-series-a-funding-to-expand-its-generative-ai-english-tutoring-platform/