Mavenoid’s platform takes aim at the high cost required for technical product support by providing AI-powered automation and remote support tools
STOCKHOLM, August 31, 2022 — Mavenoid, the leading hardware support platform, today announced that it has secured $30 million in a Series B financing round led by Smedvig Capital. Previous investors, Creandum, Mosaic, and Point Nine Capital, as well as new investors NordicNinja, ABB Technology Ventures, and financing partner SVB UK, also participated in the round.
Mavenoid’s hardware support platform empowers any brand with physical technology products— such as consumer electronics, home appliances, micro-mobility, and industrial machinery— to provide seamless 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 the quickest, most cost-effective way possible - ultimately saving companies time and resources that would otherwise be put towards support overhead.
Able to stand alone or plug into existing support technologies such as Zendesk and Salesforce, Mavenoid’s capabilities enable companies to quickly convert or create product knowledge into highly effective support automation. The platform is also backed by remote support tools such as live chat and interactive video calling.
The funds raised will be used to further develop Mavenoid’s AI and technology, as well as scale the business globally to meet the demand for support solutions from companies with physical products. The announcement comes after significant growth for Mavenoid in the competitive customer support space with companies such as Jabra, Husqvarna, Medion and more among its customer base.
“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,” said Shahan Lilja, Co-Founder and CEO at Mavenoid. “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, our other new and existing investors in this next chapter.”
“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,” said Peter Duffy of Smedvig Capital. “Since we first met Mavenoid several years ago, we’ve been excited by the potential of the market they’re disrupting, and their vision to own the hardware support category. Over the last few years, Mavenoid has made outstanding progress in developing its technology and expanding its world-class team. We’ve been highly impressed by their traction and the exceptional feedback they’ve generated from their customers. We’re thrilled to be partnering with Shahan, Gintas, and the entire Mavenoid team and look forward to supporting them on the next phase of their journey.”
"Since we co-led Mavenoid’s seed round in 2018, the company has demonstrated a steady growth rate and ever-increasing efficiency rates,” said Staffan Helgesson, General Partner at Creandum. “Looking at the huge market potential that’s still ahead of Mavenoid, we couldn’t be more excited to continue our support of Shahan, Gintas, and their team. We're bullish on their quest to become the global leader in making hardware companies work smarter and boost their sustainability."
Founded in 2017 in Stockholm, Mavenoid is the world’s leading product support platform for hardware and consumer electronics brands. Unlike generic support platforms/chatbots, Mavenoid’s purpose-built technology and AI allow hardware companies to resolve their customer’s issues efficiently through automation and remote support— saving brands time, effort and money. Backed by leading investors including Smedvig Capital and Creandum, Mavenoid has operations across the globe, including the US, UK, EU and Canada. For more information about Mavenoid, visit mavenoid.com.
About Smedvig Capital
Since 1996 Smedvig Capital has partnered with and helped scale over 75 companies. Leading Series A/B rounds, we are passionate about finding and investing in the best fast-growing businesses across the UK, Nordics, and Netherlands. We work closely with a small number of high-quality teams and build strong relationships with our founders. We’re not afraid to roll up our sleeves and be there for our portfolio when needed through the inevitable ups and downs of growing a business. We’re a flexible source of capital supporting and accelerating ambition with a long-term view, often backing companies over multiple rounds all the way to exit. We understand that great things can take time.
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