TEN SLEEP, Wyo.--(BUSINESS WIRE)--Eleutian Technology, LLC, a leading provider of online English education to students in Asia, today announced it has secured $10 million in growth equity financing from Cheyenne Capital Fund.

“Eleutian is poised to take advantage of the rapidly-growing English language learning market,” said Kent Holiday, founder and CEO of Eleutian Technology. “Partnering with Cheyenne Capital allows us to continue a strong growth strategy and remain a Wyoming-based company. We believe that Cheyenne Capital’s investment will accelerate the company’s growth and success.”

Robert E. Grady of Cheyenne Capital, a private equity firm with offices in Colorado and Wyoming, and one other representative of Cheyenne Capital will join the Eleutian Board of Managers. Grady, a former partner and managing director at the Carlyle Group, has significant investment experience in online education space.

“The market for English-language training is currently more than $100 billion annually and will continue to grow as English becomes the global language of commerce. Eleutian has a successful business model, an experienced, visionary leadership team and a growth strategy that we believe can take advantage of this market opportunity and ultimately drive significant revenue growth and profitability,” said Grady.

With its Wyoming-based faculty of certified U.S. educators, Eleutian provides English-language instruction using Internet-based videoconferencing to K-12 public and private school students and business executives in South Korea, Japan and China. This investment from Cheyenne Capital will allow Eleutian to continue its successful market penetration in Korea and expand its footprint in Japan and China.

“Governments and families in Asia and around the world have made learning English a priority because they see mastery of the language as an essential pathway for young people who aspire to succeed in business, government, education or other professional endeavors,” said Grady. “The importance of English as the primary language of commerce is unquestionably on the rise worldwide.”

Eleutian has succeeded in forging successful partnerships with regional Ministries of Education in Korea and with Yoon’s English Academy (one of South Korea’s leading private providers of English language training and test preparation services). These partnerships have and will continue to contribute significantly to Eleutian’s success in Korea.

Eleutian’s wholly-owned subsidiary, Glacier Bay Training, also provides English-language education training for Asian-based teachers.

Since its founding in 2006, Eleutian has expanded to employ more than 300 people. The company achieved significant revenue growth of 100 percent in 2008. Its strong growth continued in 2009 with year-over-year revenue increases of 69 percent. In 2009, Eleutian was break-even on a net income basis.