Mosaic Ventures joins Creandum and Point Nine Capital in financing Mavenoid, the platform for automated product support. The round was raised on the back of signing new deals with several global Fortune 500 companies. Mavenoid will use the funds to triple the company size and expand internationally.
Manufacturers use Mavenoid to let their customers solve repetitive requests themselves, without assistance from expensive human support teams. Unlike generic chatbots, Mavenoid can handle the entire span of support requests: from installation and usage to complicated troubleshooting. Mavenoid is used for consumer electronics and home appliances as well as industrial machinery.
“Companies and customers are both winners. Companies save time and money, while customers get instant and accurate help around the clock,” said Mavenoid Co-founder and CEO Shahan Lilja. “Having to wait hours or days to get your product working sucks, so we’re putting an end to that. Give your customers great support and they will stick with you.”
The Stockholm-based AI company will use the money to bolster product development and fuel international expansion. Mavenoid plans to triple the team size over the next 12 months.
“Mavenoid represents a rare mix of a highly talented and experienced team, a unique, technically advanced ML-based product, and a huge, whitespace market”, says Simon Levene, Partner at Mosaic Ventures. "At Mosaic, we like to leverage our network from both sides of the Atlantic. Mavenoid's recent progress and future plans map well to how we can be positively impactful as investors. We're excited to help Mavenoid grow into a global category leader,” said Mosaic partner Simon Levene.
Founded in 2017 by two former Palantir employees, Mavenoid has quickly established itself with technical support teams due to the reduced support costs and resolution times of automating repetitive and tedious, but often complex troubleshooting tasks. AI handles that type of pain much better than a human.
The new round brings Mavenoid’s total funding to $10 million. As part of the deal, Mosaic partner Simon Levene joins the board.
For more information
Shahan Lilja, Co-founder and CEO
Mavenoid is a service for automated product support. It allows companies to let
their customers solve repetitive requests themselves, entirely without assistance
from expensive human customer support. For more information, check out
About Mosaic Ventures
Mosaic Ventures is a Silicon Valley-style venture capital firm based in London, focused on Series A. We manage over $300M of committed capital, and are investing $150M Fund II into founding teams that are fundamentally reshaping big markets. Our partners have 30+ years of investing experience on both sides of the Atlantic. In that time, we have invested across 12 countries in over 80 companies that together have created over $400 billion of value. We also bring extensive operating experience at leading West Coast startups. For more info, check out www.mosaicventures.com.
Creandum is a leading European venture capital firm, focusing on innovative and fast-growing technology companies across Europe. The Creandum funds have over €400M under management with offices in Stockholm, Berlin and San Francisco. The Creandum funds have over the last 15 years invested in more than 60 companies including Spotify, Tictail, iZettle, Edgeware and Vivino. For more information, please visit www.creandum.com.
About Point Nine Capital
Point Nine Capital is a Berlin-based venture capital firm focused on early-stage internet investments. Since its founding in 2011, Point Nine has invested in SaaS startups such as Algolia, Automile, Contentful, and Typeform, as well as online marketplaces like Brainly, DocPlanner, and StarOfService. Before starting Point Nine, the firm’s founding partners, Pawel Chudzinski and Christoph Janz, were among the earliest backers of companies like Delivery Hero, Westwing, and Zendesk. For further information, check out www.pointninecap.com.
About the founders
CEO Shahan Lilja was the first Deployment Strategist for Palantir in the Nordics and was previously a Research Intern at Microsoft Research. CTO Gintautas Miliauskas was a Forward Deployed Engineer at Palantir and, prior to that, a Senior Software Engineer at Google.