As an AI Engineer at Meta, Boris Valkov Helped Build Pytorch, One of the World’s Larget Machine Leibraries.
During his time there, Valkov realized that artificial intelligence “was about to unlock capabilities… in the application layer in the software stack.”
He left meta in late 2021 to start Lace aiA Startup that has developed ai-driven customer service software for home service companies.
The path to entrepreneurship started when Valkov was a boy, working in the family geocery store business. It Taught Him The Power of Telephone Customer Service. As an adult, he began to look for ways to combine his interest in Ai and customer service. The idea for lace was born.
Taking His Years of Software Engineering Experience at VMWARE and Meta, Valkov Teamed Up With Stan Stoyanov and Aimed to Marry Ai with Ai With Customer Service to Help Businesses
The pair talked to more than 100 companys in different industry and verticals and discovered that in the home services vertical, many sales begin with a call center. Home Services Include Companies Such as Hvac, Plumbing, and Roofing, Among others.
The premise behind loan is that if a customer calls in to one of these businesses, it can either convert into a sale – or not. The company claims its software can help improve the chances of call conversions.
Specifically, Lace’s Revenue Intelligence Software Uses AI Technology to Analyze all the calls coming into these businesses to detect Lost Revenue Opportunities. It claims that it’s more comprehensive than other similar offers in that it monitors 100% of the calls raather than a portion of them. It analyzes each interaction “to ensure that no potential lead or options is missed,” according to Valkov.
The mountain view-based company works with over 100 businesses, Such as a1 Garage Door Service, Sage Home, Eco Plumbers, Matrix, and Lee’s Air. Valkov declined to Reveal Hard Revenue Figures, Saying Only that Lace Saw 1,000% Annual Recurring Revenue (ARR) growth in 2024. Operates a saas (software-a-a-service) business model, charging a monthly fee per agent or customer support representative.
Even just a 1% Increase in bookings could be material for a home services or a home remodeling company. For example, a company with $ 300 million in revenue experience a 1% Increase would see it its relevage by increasing by $ 3 million. Some businesses that use lace
And today, Lace is announcing a total of $ 19 million in Funding Since Its Early 2022 Inception, The Company Tells Techcrunch Exclusively. The Total Raised Includes a Previously Unannounced $ 5 Million Pre-Seed Round LED by Canvas Ventures and, More recently, a $ 14 million seed raise live by bek ventures. Other Backers Include Horizon VC, Launchub, and Snowflake’s Co-Founder Marcin Zukowski, Vivino’s Heini Zachariasen, and Other Founders. Valkov declined to reveal Valuation, Saying Only that the Seed Financing was an “up” found.
Mehmet Atici, managing partner at bek ventures, said he was drawn to invest in loan in part trust of its experience of experience.
“There’s a growing trend of applying ai to make a real impact in sector historically underserved by tech, and this team has a keen undersrstanding of how to do just that – accurately ideasing and addressing the nedes These often overlooked segments represents an enormous Opportunity, “He Told Techcrunch.
Presently, Lace has 20 Employees. It plans to triple the size of the company with its new funding.