Ello, a San Francisco, CA-based developer of AI reading coach, raised $15 million in Series A financing.
SaaS Investors
The funding round was led by Goodwater Capital and included participation from Reed Hastings, Common Sense Growth, Homebrew, Ravensburger, and existing investors.
Founded in 2014, Goodwater Capital is a venture capital firm based in Burlingame, California. The firm seeks to invest in housing, financial services, consumer products and services, healthcare, food, transportation, education, consumer technology, and entertainment sectors.
Ello Use of Funds
The company plans to utilize the funds to further develop its product.
About Ello
Founded in 2019 by Dr. Elizabeth Adams and Tom Sayer, Ello offers a subscription-based service providing personalized 1:1 tutoring to children. Its proprietary technology uses speech recognition to analyze a child's reading and provide customized feedback, aiming to make learning a delightful experience.
Ello is solving one of education's largest issues, childhood illiteracy, by scaling 1:1 instruction to maximize the learning potential of all children, regardless of resources. Ello is powered by proprietary speech recognition and generative AI. It listens, understands, and engages with children to teach them critical reading skills.
Funding Details
Company: Ello Technology, Inc.
Raised: $15.0M
Round: Series A
Funding Month: September 2023
Lead Investors: Goodwater Capital
Additional Investors: Reed Hastings, Common Sense Growth, Homebrew, and Ravensburger
Company Website: https://www.ello.com/
Software Category: AI Reading Coach
Source: https://www.globenewswire.com/news-release/2023/09/07/2739711/0/en/Ello-World-s-Most-Advanced-AI-Reading-Coach-Raises-15M-Series-A