Creandum-backed Swedish startup Mavenoid raises €30M for its hardware support platform

Stockholm-based Mavenoid, an AI-powered platform that provides support solutions for hardware companies, announced on Wednesday that it has raised $30M (approximately €30M) in its Series B round of funding.

The investment was led by Smedvig Capital. Since 1996, Smedvig Capital has partnered with and helped scale over 75 companies. The firm backs fast-growing businesses across the UK, Nordics, and Netherlands.

Peter Duffy of Smedvig Capital says, “Mavenoid has built a powerful ML-led product that solves a technically complex problem: troubleshooting and resolving issues with hardware goods, a challenge all consumers experience on a regular basis.”

Existing investors including Creandum, Mosaic, and Point Nine Capital, as well as new investors NordicNinja, ABB Technology Ventures, and financing partner SVB UK, also participated in this round.

Capital utilisation

Mavenoid says it will use the funds to further develop its AI and technology, as well as scale the business globally to meet the demand for support solutions from companies with physical products.

Shahan Lilja, co-founder and CEO at Mavenoid, says, “There are many support platforms out there, but in reality, you can’t fix a broken dishwasher using the same methods as you do to rebook a flight. That’s why we’ve built Mavenoid specifically for companies with physical products – everything from headphones to e-scooters to industrial machines – so these hardware brands have the platform they need to provide sophisticated product support.”

“These funds will allow us to continue to invest in our cutting edge technology and AI, while also scaling our operations so we can empower more hardware brands with great support experiences. We’re delighted to be partnering with Smedvig Capital, Creandum, and our other new and existing investors in this next chapter,” adds Lilja.

Scalable support solution for hardware companies

Founded in 2017 by Gintautas Miliauskas and Shahan Lilja, Mavenoid’s hardware support platform helps brands that have physical technology products – such as consumer electronics, home appliances, micro-mobility, and industrial machinery – to provide support to their customers.

With Mavenoid’s AI-powered self-service, remote, and support automation tools, companies can provide “high-quality” support that resolves customers’ product issues in a fast and cost-effective way – ultimately saving companies time and resources.

Mavenoid’s features also enable businesses to convert or build product knowledge into efficient support automation. It can stand alone or plug into existing support technologies like Zendesk and Salesforce. Remote support resources for the platform also include live chat and interactive video calling.

Currently, Mavenoid is operational across the globe, including the US, UK, EU and Canada and has companies such as Jabra, Husqvarna, Medion and more among its customer base.