AI Buddy

AI Buddy, Inc. - the developer of the virtual tutor of English based on AI is a MyBuddy.ai.

History

2020

Investments in the amount of $1 million from Leta Capital

On April 8, 2020 TAdviser knew that the Russian venture fund LETA Capital there was a lead investor of MyBuddy.ai company – the creator of the modern direction in remote education. Technologies and the products MyBuddy allow children to learn English using virtual teachers and artificial intelligence, effectively solving a problem of providing speech practice to pupils of sufficient volume.

Leta Capital invests $1 million in the developer of the virtual tutor MyBuddy.ai

At this stage the volume of investments of LETA Capital venture fund in the project was $1 million.

For LETA Capital of an investment to the sphere of EdTech are one of strategic directions of activity. So, now in a portfolio of fund a number of promptly developing startups supplying services of interactive training to the markets USA Europe, Asia and Latin America is already provided. These are the companies Cerevrum, Devar and Novakid.

The Buddy application represents the virtual animation tutor of the English, in playful way giving to children the basic colloquial skills sufficient for communication in many situations. Distinctive feature of Buddy — voice AI technologies. With their help the virtual teacher builds dialog with the child, thereby training skills of real-life communication in the most different contexts. MyBuddy.ai technologies highly appreciated at the international level.

Since launch in the spring of 2018 the Buddy application was already downloaded by more than one million users around the world; it is included into TOP App Store in categories "For Children" and "Education". For April, 2020 over 20 thousand paying students practice colloquial English together with the virtual tutor of Buddy, and their number grew by 10 times of all in a year. MyBuddy.ai services are demanded in Europe and Latin America and also among children of immigrants in the USA.

Thanks to support of Leta Capital, MyBuddy.ai is going to make a revolution in the market of teaching English by means of artificial intelligence. According to a source that in January, 2020 MyBuddy.ai integrated with other pioneer in development of virtual teachers — the Californian company Edwin. Earlier Edwin received financing from the leading American venture funds, including General Catalyst, Y Combinator and Google Assistant Investments Program. Having integrated technologies of two innovation projects and having received additional financing, MyBuddy.ai sets as the purpose to solve one of global problems of education — a shortcoming of the qualified teachers – and to construct the international business, having reached a leading position in the world industry of EdTech in the field of training in foreign languages.

The transaction happens against the background of a general boom of online education and forced transition of children to house training. It is obvious that in such situation both pupils, and teachers more than ever need the help of advanced technologies.

Many experts of online education said to me that it is impossible to create completely virtual teacher. We just like to invest in the companies which make impossible possible and change the markets and approaches to education around the world, speaks Alexander Chachava, the managing partner of LETA Capital fund

In the world more than half a billion children learn English, and only the small share of pupils reaches the level of free language proficiency. A basic reason – a catastrophic lack of colloquial practice. We also solve this problem, creating the virtual speaking English teacher, comments Ivan Kryukov, the co-founder and the CEO of MyBuddy.ai

Merge to Edwin

On March 3, 2020 the AI Buddy company, the developer of the virtual tutor of English with artificial intelligence, announced merge to Edwin EdTech-startup. Read more here.