Buddy.ai, the world’s first conversational AI tutor for kids, announced today that it has closed an $11 million seed investment round, bringing its total venture capital funding raised since launch to $13 million.
In Q1 2024, five Latin American countries were among its top ten markets, including Brazil, Mexico, Colombia, Peru and Argentina.
The round was led by BITKRAFT Ventures, the leading Seed stage fund for gaming content and intellectual property, together with EduCapital, Europe’s largest educational technology fund. Other investors in this round include One Way Ventures, J Ventures, Point72 Ventures, and Goodwater Capital. In addition, a group of incredible angel investors contributed, including the co-founder of Oculus, former Riot Games executives, and Hollywood producers of iconic series such as The Simpsons.
In Latin America, English proficiency remains a challenge, with economic barriers limiting access to learning English, especially in countries like Brazil, Colombia, and Chile. However, English is key to opening up business and academic opportunities in a globalized world.
During the first semester of 2024, Buddy.ai and its artificial intelligence technology received 24 inquiries from schools around the world, including some in Argentina, Brazil, and Mexico.
The company is preparing to launch pilot projects with Latin American educational associations, starting with Brazilian schools that are looking to include Buddy in their academic offerings.
The latest studies speak of unequal development, depending on the country. Mexicans have the best command of English (48%), followed by Argentines (42%), while in Colombia (36%) and Chile (35%) the level of proficiency is similar. Brazilians have the lowest level of English proficiency (30%), with two out of ten people not proficient in the language.
Gateway to global opportunities
In Latin America, learning English continues to be linked to greater career development and opportunities. In addition, it is seen as a tool to become a global citizen, active in world issues, and an international player.
Recognizing the importance of English proficiency in opening up opportunities in a globalized world, entrepreneur Ivan Crewkov created Buddy.ai to provide an effective and affordable solution.
The app has played a particularly important role in helping migrant children learn English in the United States. As these children often face unique challenges in adapting to new environments and educational systems, Buddy.ai offers a supportive and accessible tool for language acquisition. By providing a personalized learning experience, the app helps migrant children overcome language barriers more quickly, facilitating their integration into new communities and educational environments.
The secret of AI English learning lies in combining gamified lessons with interactive conversations, creating a fun and natural learning environment. This approach not only enhances the enjoyment of language acquisition but also offers a significantly more affordable alternative to traditional one-on-one tutoring.
Since its launch in 2020, Buddy.ai has experienced remarkable success, achieving over 50 million downloads worldwide and winning multiple awards in the education technology sector. The app has consistently topped the charts in the App Store’s Kids & Education category, reflecting its broad appeal.
What sets Buddy.ai apart is its patented AI technology. The app is COPPA compliant, ensuring children’s safety and privacy, and has a database of over 25,000 hours of children’s speech. This extensive dataset allows Buddy.ai to outperform Google and Apple’s native automatic speech recognition systems when used by children.
This is just one example of how the power of innovation can address widespread learning challenges. Merging artificial intelligence with engaging content helps Latino children overcome language barriers and discover new opportunities. Are new technologies the best allies for empowering skills? In this case, we see that artificial intelligence can turn the Latino children of the future into English speakers, creating a Latin American community that is more connected to the world.