AI Call Center Solution for Home Services | [Company Name]

Boris Valkov's Journey from Meta to AI-Powered Customer Service

Boris Valkov, formerly an AI engineer at Meta, played a key role in the development of PyTorch, a leading machine learning library globally.

While at Meta, Valkov foresaw that artificial intelligence was poised to unlock significant advancements within the application layer of the software infrastructure.

The Founding of Lace AI

In late 2021, Valkov departed from Meta to establish Lace AI, a startup focused on delivering AI-driven customer service solutions tailored for home service businesses.

Valkov’s entrepreneurial spirit was first nurtured during his childhood, assisting in the operation of his family’s grocery store. This experience highlighted the importance of effective telephone-based customer interactions.

He subsequently sought to integrate his expertise in AI with his understanding of customer service, ultimately leading to the creation of Lace AI.

Leveraging his extensive software engineering background from VMware and Meta, Valkov collaborated with Stan Stoyanov to integrate AI technology with customer service operations, aiming to boost revenue generation for businesses.

Focus on the Home Services Sector

Through conversations with over 100 companies across various industries, the team identified a crucial pattern within the home services sector.

Many sales in industries like HVAC, plumbing, and roofing originate from inbound calls to call centers.

Lace AI’s core concept centers on the idea that each customer call represents either a successful sales opportunity or a missed one.

The company asserts that its software enhances the likelihood of converting these calls into sales.

Revenue Intelligence Through AI

Lace’s revenue intelligence software utilizes AI to analyze all incoming calls to businesses, pinpointing potential revenue losses.

Unlike competing solutions, Lace claims to monitor 100% of calls, providing a more comprehensive analysis.

This thorough examination of each interaction, as Valkov explains, ensures that no potential lead or revenue opportunity is overlooked.

Growth and Current Status

Based in Mountain View, Lace AI currently serves over 100 businesses, including A1 Garage Door Service, Sage Home, Eco Plumbers, Matrix, and Lee’s Air.

While specific revenue figures remain undisclosed, Valkov reported a 1,000% increase in annual recurring revenue (ARR) in 2024, despite only beginning customer sales at the close of 2023.

The company operates on a SaaS model, charging a monthly fee based on the number of agents or customer support representatives.

Even a modest 1% improvement in booking rates can significantly impact a home service or remodeling company; for instance, a $300 million revenue company could see a $3 million increase with a 1% boost.

Some Lace AI clients have experienced double-digit revenue growth, according to Valkov.

Funding and Future Plans

Lace AI has secured a total of $19 million in funding since its inception in early 2022.

This includes a previously unreported $5 million pre-seed round led by Canvas Ventures and a subsequent $14 million seed raise spearheaded by Bek Ventures.

Additional investors include Horizon VC, Launchub, Snowflake co-founder Marcin Zukowski, Vivino’s Heini Zachariassen, and various other founders.

Valkov did not disclose the company’s valuation, but confirmed that the seed financing represented an “up” round.

Mehmet Atici, managing partner at Bek Ventures, highlighted the strength of Lace AI’s team as a key factor in their investment decision.

He emphasized the growing trend of applying AI to traditionally underserved sectors and the team’s ability to accurately identify and address the unique needs of these segments.

Currently employing 20 individuals, Lace AI intends to triple its workforce with the newly acquired funding.