Stockholm Startup Raises $8 Million For AI-Powered Chatbot

Mavenoid, the Stockholm startup, recently raised $8 million in Series A funding led mostly by Mosaic Ventures. This is raised alongside Creandum and Point Nine Capital.

The company helps other companies with technological product support with the use of an AI-powered chatbot.

The plan is to invest further in product development and to fuel expansion internationally. They want to triple the size of the team within the next 12 months. They have recently signed up some bigger Fortune 500 names like ABB and HP.

Mavenoid was founded in 2017 by two former employees of Palantir. Shahan Lilja is the CEO. Gintautas Miliauskas is the CTO. Their purpose is to increase the quality of product support.

They have applied machine-learning and the chatbot style to help customers after they have made a purchase. This helps them deliver on-going automated customer service support.

Mavenoid has found that even those with the smallest issues get escalated to a human customer support agent. These agents are fielding tech questions that could be handled by AI chatbots. This is causing nothing but repetitive troubleshooting questions instead of true technological problems.

Lilja cited IBM’s data. They are spending $1.3 trillion on support calls that total over 256 billion. They are only effectively answering 50% of them. This is due to poor customer support.

The idea is for Mavenoid to offer up support from installation to complicated troubleshooting issues. They are currently being used for consumer-style electronics, home appliances, and industrial machinery.

Mavenoid is a solution for companies that handles more than just the troubleshooting aspect. They begin their process when the purchase is made. This helps with lower support calls in the long run.

Mavenoid is offering these types of support services at a monthly or annual fee. The tiered subscriptions allow different features and different types of services at each level.