Boğaziçi Ventures' AI Fund BV Growth II Makes Its First Investment

Voice-based AI language learning app Lucida AI raises $5.4 million in seed round in just its second year, with participation from Boğaziçi Ventures' next-generation artificial intelligence fund BV Growth II.

Boğaziçi Ventures, a firm investing in technology startups at early and growth stages, has made the first investment from its AI-focused new fund BV Growth II (BV2) into Lucida AI, a voice-based AI language learning application.

BV2, which focuses on application-layer AI investments, targets startups with the potential to transform industries using AI technologies across the journey from seed to Series A. With this inaugural investment, BV2 firmly establishes its presence within Turkey's rapidly growing AI ecosystem. Boğaziçi Ventures participated with $1.2 million in the $5.4 million round, co-investing alongside Velocity Capital, Look.ai, NextTier Ventures, Yapı Kredi FRWRD Ventures, and Ünlü Ventures.

Barış Özistek, CEO of Boğaziçi Ventures: "We are delighted to make BV2's first investment in a startup like Lucida AI — one that has validated its growth through real user data and possesses a truly global footprint. Lucida AI is exactly the profile BV2 seeks: proprietary AI technology, strong founders, and a scalable business model with worldwide reach. This investment is concrete proof that Turkey can become a global player in artificial intelligence."

Mustafa Girgin, Co-Founder of Lucida AI: "Today, the critical thing is not learning a language — it's being able to communicate in one. With Lucida AI, we're not just helping people learn a language; we're enabling them to think in that language and speak it fluently in real-life situations. Our goal is to move beyond text-based interaction and build communication between humans and AI entirely around speech and visuals. This investment is a significant step toward making conversation-focused AI the global standard. We are deeply grateful to all our investors for their trust in us."

Lucida AI's proprietary Speech Language Model (SLM) analyzes users' pronunciation, fluency, and grammar performance in real time, while retaining memory of past conversations to deliver a personalized learning experience. In just nine months, the company surpassed three million users, writing a remarkable growth story in the AI-powered voice assistant space. The platform has generated billions of minutes of conversation data to date, with 45% of its user base from Europe, 44% from the United States, and 11% from Latin America and Asia. As one of very few startups to achieve such rapid organic growth at a global scale, Lucida AI stands as a tangible reflection of BV2's application-layer investment thesis.

BV2, Boğaziçi Ventures' new fund, aims to support transformative startups at stages ranging from seed to Series A — not merely as an investor, but as a long-term growth partner. The fund targets a minimum of $50 million in investments in global AI startups over the next four years. Leveraging an extensive business network and strategic partners in South Korea, BV2 will also serve as an accelerator partner, helping portfolio companies expand into Asian markets. New collaboration opportunities are opening for those who wish to be part of this transformation.