Mavenoid raises $30 million in Series B led by Smedvig Capital

Swedish troubleshooting automation startup Mavenoid has secured $30 million in a Series B round. Leading the round was led by Smedvig Capital with participation from previous investors, including CreandumMosaic, and Point Nine Capital and new investors NordicNinjaABB Technology Ventures, and financing partner SVB UK.

The funds raised will be used to further develop its AI and technology and scale the business globally to meet the demand for support solutions from companies with physical products.

Founded in 2017 in Stockholm, Mavenoid’s product support platform for hardware and consumer electronics brands allows hardware companies to resolve their customer’s issues efficiently through automation and remote support— saving brands time, effort and money.

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 technology and AI, while also scaling our operations so we can empower more hardware brands with great support experiences.”

“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.