Smedvig Capital lead $30m Series B investment in Mavenoid to bring AI-powered product support to hardware brands
Today we are excited to announce our investment in Mavenoid, the leading hardware support platform. Having known the founders Shahan and Gintautas for several years, we’re delighted to have recently led the $30m Series B round alongside existing investors Creandum, Mosaic, and Point Nine Capital, as well as new investors NordicNinja, ABB Technology Ventures, and Silicon Valley Bank.
Background
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 their 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.
Mavenoid has recently achieved significant growth in the competitive customer support space with companies such as Jabra, Husqvarna, Medion and more among its customer base. The funds raised will be used to further develop Mavenoid’s AI and technology, as well as scale the business globally to meet the growing demand for their support solutions.
Why Mavenoid and why now?
1. Advanced AI product that solves technically complex problems under the hood but is easy to use and highly valuable for end users
2. Experienced and visionary leaders in Shahan and Gintautas who’ve built out a rockstar team to support them
3. Massive multi-billion-dollar market opportunity with potential to own and define the category around hardware support
4. Blue-chip customers (including Jabra, Bosch, Cambridge Audio and many more), who have increased their usage and generated excellent feedback
5. Fantastic growth and traction with an exciting near-term pipeline and proven international expansion
Shahan Lilja, Co-Founder and CEO at Mavenoid said: “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. 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 alongside support from our existing and new investors and look forward to the next chapter.”
