Speakeasy Labs Inc., a South Korea-focused language learning app operator, has joined the ranks of unicorn startups after raising $78 million at a valuation of $1 billion.
The artificial intelligence-based app offers tutoring services for foreign language learners, correcting grammatical errors while speaking.
Global venture capital firms such as OpenAI Startup Fund, Khosla Ventures, Accel and Y Combinator joined the latest funding round.
The startup's valuation is double the $500 million estimated for its previous fundraising in July.
A unicorn is a private company with a corporate value of $1 billion or more.
San Francisco-based Speakeasy Labs was launched in 2019 with a focus on South Korea. It achieved 5.5 million downloads in South Korea as of July this year.
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