mavenoida Swedish company that supports both human and AI hardware companies and provides troubleshooting tools has raised $30 million in a Series B funding round.
Founded in Stockholm in 2017, Mavenoid partners with hardware and consumer electronics companies, including HP, Husqvarna and Jabra, to automate technical support and onboarding for customers, from printers and ovens to electric scooters and industrial equipment.
Providing technical support for physical products poses many unique problems — problems that cannot be solved by screen sharing or other solutions borrowed from the software world.
Normally, for example, someone who has problems with a new dishwasher or coffee maker would have to return their product to the store where they bought it, or the company would have to send a field worker to physically inspect the item, but Mavenoid uses a double AI- guided self-service approach and agent-assisted live video support to circumvent these costs.
“The way you tackle physical product problems and the tools you need to be successful are actually very different from how you would tackle software or service problems,” Mavenoid Co-Founder and CEO Shahan Lilja explained to londonbusinessblog.com. “We believe it’s better to have the right tools for the job, rather than trying to use generic solutions for specific problems. Hardware problems are repetitive, difficult and time consuming to solve. By automating a significant portion of these repetitive—but often complex—support requests, companies can cut costs by reducing overhead and allocating resources elsewhere in the organization.”
With live support, Mavenoid gives companies access to interactive video tools, where a customer is directly connected to a human agent.
The agent asks the customer to point their smartphone’s camera at the product, and the agent can zoom in and draw on the screen to illustrate which part needs to be addressed, and share links to guides to fix the problem.
On the AI-led self-service side, Mavenoid, meanwhile, helps companies compile their technical documentation, FAQs, and manuals in a format that is easily accessible and retrievable through a chatbot-like interface.
To do this, Mavenoid combines Open AI’s GPT-3 language model and proprietary algorithms to create what it calls “high-end support models.”
This essentially means that Mavenoid takes care of all content scraping (documentation, manuals, FAQs, etc.) and optimizes the knowledge base structure specifically for automated hardware support. Designed for more complex questions that traditional bot builders are likely to struggle with, this follows a non-linear model that takes into account the specifics of the problem, while using Natural Language Comprehension (NLU) to understand the real intent behind a user’s support request. identify.
Basically, Mavenoid promises to really understand a search, rather than just finding and matching keywords. This increases the likelihood of a resolution to the issue, rather than simply directing questions and complaints away from customer service teams.
“Deflection often means customers don’t get the help they need and come back angrier than before — which ends up costing companies more in the long run, as they still have to respond to demand, but hurt customer satisfaction and loyalty,” said Lilia.
It’s also worth noting that at the end of a human-led live support session, agents can suggest feedback that can be incorporated into Mavenoid’s machine learning models to improve the self-service product in the future.
“Over time, Mavenoid’s AI will learn from the implemented suggestions, as it will from all conversations, to improve the automation ability of the self-service assistant,” added Lilya.
In terms of implementation, companies can embed the Mavenoid engine into any website or application by copying and pasting a short piece of code. They can then publish links to their product assistants in emails, customer support tickets, social networks and even QR codes – for example, a company can place a QR code sticker on a product, which directs a customer to a self-service setup guide.
Mavenoid also integrates with customer relationship management (CRM) software, ticketing systems, e-commerce stores, knowledge bases, and more.
A lot has changed at Mavenoid since the $8 million Series A round over two years ago, with a new interface and tons of new features like AI Retrievalwhich allows companies to turn their product documentation into snippets of relevant answers that can be indexed and searched through the Mavenoid self-service product assistant – it’s a bit like how Google displays answers to specific questions directly in search results.
Plus, Mavenoid has expanded to over 50 languages and introduced a slew of third-party integrations, including with Salesforce, Zendesk, Shopify, Zapier, and more.
Mavenoid had previously raised about $10 million, and with another $30 million in the bank, the company said it plans to double its AI and product development and scale its technology globally.
Mavenoid’s Series B round was led by Smedvig Capital, with the participation of Creandum, Mosaic, Point Nine Capital, NordicNinja and ABB Technology Ventures.