Investment in AI-driven hardware support platform Mavenoid reduces complexity and cost in home automation
- Investment in ABB Electrification Start-Up Challenge winner, Mavenoid, enhances troubleshooting success rates with machine learning and artificial intelligence
- Allows installers to improve customer satisfaction and add new services by reducing the complexity and cost of support
- Already in use with smart home products, end user feedback drives future product developments
In its continual efforts to enhance customer experience, ABB is investing in Stockholm-based start-up, Mavenoid. The hardware support platform uses innovative artificial intelligence (AI) and machine learning (ML) to solve customer enquiries with high success rates.
Despite $1.3 trillion* being spent globally every year on 256 billion customer support calls, 50 percent of these calls still go unresolved. Designed to reduce escalations to human service teams, as well as improve user satisfaction, Mavenoid's pioneering technology utilizes data from sources such as manuals, product documentation, and online communities, to train its highly evolved ML and AI engines to resolve repetitive support requests.
August 31, 2022 (Investorideas.com Newswire) "After winning ABB's Electrification Start-Up Challenge in 2020, we have continued to develop our technology to address the increasingly complex needs of users," said Shahan Lilja, Co-Founder and CEO of Mavenoid. "Working with smart home channel partners and customers to provide automated support via the existing ABB App, we set ourselves a target of resolving 30 percent of self-service resolution. We actually achieved 60 percent over a 12-month period. Despite the growing support cases overall, the AI based tool still reduced the number of support cases into the ABB help center significantly."
Already in use in selected markets with smart home solutions such as ABB-free@home®, the self-service and live support platform spans automation, workflow, escalation, and product intelligence feedback. ABB's investment underlines its vision for enhancing the comfort and efficiency of buildings for occupants while optimizing customer experience through the power of partner relationships.
"This collaboration not only presents a more efficient way for our customers and installers to interact with physical products and systems in the home automation, door communication and energy metering domains, it also provides us with valuable user feedback. The data gathered helps us innovate better solutions more quickly as needs evolve, as well as extend our collaboration with installers ," said Mike Mustapha, President of ABB Electrification's Smart Buildings division.
"The ability to guarantee technical product support based on Mavenoid's true easy-to-use and powerful artificial intelligence engine gives them a strong competitive edge and Mavenoid constitutes the kind of investments we look for," commented Malin Carlstrom, Head of Ventures at ABB Electrification. "We know from focus groups with major organizations that rapidly rising interest in smart building technology has been coupled with concerns about complexity, as well as the scale and cost of maintenance. Over the coming months, our partnership will expand from end users in homes into our installer network to cover commercial buildings, and into other business areas of ABB."
For Mavenoid, this round of Series B funding led by Smedvig Capital totals $30 million (US dollars).
For more information: [https://www.youtube.com/watch?v=-1tTBBdcbxs]
About ABB Electrification
Electrifying the world in a safe, smart and sustainable way, ABB Electrification is a global technology leader in electrical distribution and management from source to socket. As the world's demand for electricity grows, our 50,000+ employees across 100 countries collaborate with customers and partners to transform how people connect, live and work. We develop innovative products, solutions and digital technologies that enable energy efficiency and a low carbon society across all sectors. By applying global scale with local expertise, we shape and support global trends, deliver excellence for customers and power a sustainable future for society. go.abb/electrification
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the venture capital unit of ABB (NYSE: ABB). ATV looks for breakthrough technology companies aligned with ABB's goal to write the future of industrial digitalization. Since its formation in 2009, ATV has deployed around $250 million into startups spanning a range of sectors including robotics, industrial IoT, AI/machine learning, cybersecurity, electric mobility, smart buildings, and distributed energy.
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.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com