Mavenoid raised $8 million in Series A funding from Mosaic Ventures, Creandum, and Point Nine Capital.
The Stockholm-based company, Mavenoid, develops software which helps companies scale tech-focused product support.
The Funding Round
The funding round is led by Mosaic Ventures, and included financial contributions from existing investors Creandum and Point Nine Capital.
The proceeds will be used to invest further in product development and to expand internationally.
Mavenoid was founded in 2016 by CEO Shahan Lilja and CTO Gintautas Miliauskas.
In in an interview with Techcrunch, CEO Lilja Mavenoid explained that the company was born out of the realisation that “65% of technical support teams’ time is spent on a single activity: repetitive troubleshooting.”
“It may look complex on the surface but it’s largely the same few technical issues being solved over and over again. Yet most technology companies escalate all but the most trivial customer requests to a human support agent or field service technician,” Lilja added.
Mavenoid develops a software tool using machine-learning and a chatbot style UI to on-board customers after they have made a purchase and to deliver on-going automated tech support.
The tech was built on top of years of research conducted by RISE SICS in close collaboration with the Swedish Armed Forces to help mechanics repair tanks and terrain vehicles.
Previous Rounds of Investment
Prior to this round, Mavenoid secured $1.9M in a seed round led by Point Nine Capital in 2018.
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