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Mavenoid raises $8M Series A to apply AI to technical product support

Mavenoid, a startup founded in Stockholm that helps firms scale tech-focused commodity brace via an AI-powered chatbot, has raised$ 8 million in Series A fund. The round is led by Mosaic Ventures, alongside Creandum and Point Nine Capital.

The company says the new uppercase will be used to invest further in concoction growing and to fuel international stretch, including tripling the size of the team size over the next 12 months. It recently signed up a number of Fortune 500 firms, including HP and ABB.

Founded in 2017 by two former Palantir hires — CEO Shahan Lilja and CTO Gintautas Miliauskas — Mavenoid has set out to compile product patronage scalable and improve its overall excellence. To do this, it is applying machine-learning and a chatbot form UI to onboard clients after they have made a purchase and to deliver ongoing automated tech subscribe. The theme is to empower customers to solve problems for themselves so that simply the more edge actions required to be redirected to human customer support teams.

More generally, Mavenoid was born out of the realisation that” 65% of technical support teams’ experience is spent on a single undertaking: repetition troubleshooting ,” co-founder Lilja tells me.” It may gaze complex on the surface but it’s mainly the same few technical issues being solved time and again. Yet most engineering companionships heighten all but the most trivial customer requests to a human carry operator or battlefield busines technician “.

It’s a good sized question to solve, too. Citing data from IBM, Lilja says that $ 1.3 trillion is invested each year on 256 billion reinforce labels. Yet 50% go unresolved. Meanwhile, a report by Accenture says $1.6 trillion is lost by fellowships every year due to poor customer support.

” Automating repetitive troubleshooting( a hard and forgot AI problem) is important because that’s what most of the time and money in customer support is spent on ,” Lilja adds.

Unlike generic chatbots, Mavenoid claims to be able to handle the entire span of support requests:” from installation and usage to complicated troubleshooting .” It is currently being used for consumer electronics and home appliances, as well as industrial machinery.

” Our mixture automates all types of technical support for any product with a chatbot ,” interprets Lilja.” Not precisely troubleshooting but setting up, configuring, employing, maintaining, and other lead that helps you get more out of the product. Company get lower foundation magnitudes, lower cost per contact, and happier clients. Customers replace long waits with instantaneous self-service that doesn’t suction “.

On-boarding a brand-new purchaser asks structure and training the chatbot, including specifying the basic flows of what an end user can do, and including support for troubleshooting different commodities. Mavenoid then integrates with a company’s existing assistance canals( such as their website, app, email, verse etc .) and CRM system( e.g. Zendesk or Salesforce ).

“[ Then] they sit back and watch solved tickets was contained in the CRM system, or intensified tickets get routed to the right being … with highly relevant facts collected upfront ,” says the Mavenoid CEO.

Meanwhile, the revenue model is straightforward enough. The startup blames a monthly or annual fee –” tech foundation as a service, if you will” — and a tiered due implies different the characteristics and numerous quantities of dialogue and admin users are included within each tier.

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