UK-based Cordless raises €2.15M to improve customer support using AI

London-based Cordless, a software development company that provides a platform for customer support services, announced that it has raised $2.3M (approximately €2.15M) in a Seed round of funding.

The startup says it will use the funds to accelerate customer acquisition, product development and deepen integrations in the customer support ecosystem.

Investors in this round

The investment was led by Fly Ventures with participation from Passion Capital, TrueSight, and Renaud Visage, co-founder of Eventbrite.

Marie Brayer, Partner at Fly Ventures, says, “Voice support is a generally underinvested category, compared to text, but it is critical to several high-complexity product segments, as well as older, less tech-savvy customer groups. Luba and Irina experienced this first-hand at Monzo, and are now bringing a super well-crafted platform to the market.”

“High-quality transcription without the admin”

Cordless is a conversation intelligence-driven telephony tool that analyses all incoming calls instantly and highlights those that require attention. It is used for customer support.

The startup was founded by two female founders, Luba Chudnovets and Irina Bednova, who met while establishing the Monzo bank. 

When Monzo was experiencing exponential development, they focused on the issue of expanding customer assistance as a Head of Scaling Operations and a Technical Lead.

According to the founders, one of the key learnings that led to founding Cordless was that to build products that customers want to use, it is crucial to have a deep understanding of how customers feel and why they reach out for support.

For customer service teams, Cordless is a telephony tool with AI-driven chat intelligence. Phone client service fell behind as chatbots replaced text-based assistance. The Generative Pre-trained Transformer 3’s (GPT-3) strength is brought to the speech industry by cordless.

Irina Bednova says, “In 5 years every company that supports voice will use AI to analyse their conversations at scale. Cordless will help managers identify areas for agent improvement and new trends in customer questions, for example: “40 per cent more customers are reaching out about a login issue” or “Alice could improve her tone voice”.”

Cordless is made to identify conversational patterns, evaluate customer mood at scale, summarise conversations, and automatically categorise the complete number of calls with an aim of assisting businesses in improving their customer experience.

Chudnovets believes although voice is a challenging means to analyse, calls with customers are the best source of input and a chance to forge relationships. 

“We spoke to 100+ customer support leaders and most managers listened to at most 10 calls per week. This means companies are losing valuable information about how they can improve their service and product.”

Cordless was created especially for customer support managers to assist them in speaking for customers and maintaining support quality even on a limited budget.

Currently, the London-based startup is working with companies like Curve, Plend, Second Nature, and Fronted.