Stockholm-based Mavenoid is a service for automated product support. To be more specific, it allows companies to let their customers solve repetitive requests themselves, entirely without assistance from expensive human customer support.
Recently, the Swedish company has raised $8 million (approx €7.1 million) in an investment round led by Mosaic Ventures alongside Creandum and Point Nine Capital. It’s worth mentioning that the investment comes just as Mavenoid signed groundbreaking deals with several Global Fortune 500 companies, including HP and ABB.
This new round brings Mavenoid’s total funding to $10 million (approx €9 million). As part of the deal, Mosaic partner Simon Levene joins the board.
Co-founder and CEO Shahan Lilja said:
“Companies and customers are both winners. Companies save time and money, while customers get instant and accurate help around the clock. Having to wait hours or days to get your product working sucks, so we’re putting an end to that. Give your customers great support, and they will stick with you.”
Founded in 2017 by two former Palantir employees, Mavenoid has quickly established itself with technical support teams due to the reduced support costs and resolution times of automating repetitive and tedious, but often complex troubleshooting tasks.
Unlike generic chatbots, Mavenoid can handle the entire span of support requests: from installation and usage too complicated troubleshooting.
Simon Levene, Partner at Mosaic Ventures, said:
Mavenoid represents a rare mix of a highly talented and experienced team, a unique, technically advanced ML-based product, and a huge, whitespace market. At Mosaic, we like to leverage our network from both sides of the Atlantic. Mavenoid’s recent progress and future plans map well to how we can be positively impactful as investors. We’re excited to help Mavenoid grow into a global category leader.
Main image picture credits: Mavenoid
Stay tuned to Silicon Canals for more European technology news.