Lace AI is transforming the landscape of home services. This innovative startup, founded in Bulgaria, has just raised 19 million dollars to address a colossal revenue shortfall of 650 billion dollars. The major challenge: identifying and bridging the 15 to 40% of revenues lost due to unconverted incoming calls. With a revolutionary artificial intelligence platform, this project aims to fully analyze these interactions, providing unprecedented visibility to operators. The promise: sales increases of up to 35%.
Lace AI secures a major investment
Lace AI, a startup founded in Bulgaria, recently raised 19 million dollars to transform the home services sector using artificial intelligence technology. This funding comes after an extraordinary year for the company, showcasing an impressive growth of 1000% in 2024. This funding round, led by Bek Ventures, also involved other investors such as LAUNCHub Ventures and Horizon VC, as well as various private investors.
A significant problem in the industry
Home service companies are experiencing revenue losses ranging from 15% to 40% due to a lack of visibility on high-potential incoming calls that do not convert. Traditional methods of manually reviewing calls and tracking performance are proving insufficient and outdated. The need for an innovative solution has become a major priority for stakeholders in this thriving sector.
An innovative solution
Lace AI offers an AI-powered revenue intelligence platform capable of analyzing all incoming calls. The tool automates the classification of results, identifies missed revenue opportunities, and provides targeted coaching. This approach is achieved without additional marketing expenses or the need for new hires, thereby optimizing existing resources for client companies.
Target market and customers
Lace AI’s clientele includes home service companies with annual revenues between 5 million and 2 billion dollars. Relevant sectors include air conditioning, plumbing, and roofing. The overall market for home services and renovation, estimated at 650 billion dollars, represents an unprecedented opportunity for Lace AI to redefine industry standards.
Investor perspectives
According to Mehmet Atici from Bek Ventures, Lace AI’s clients are seeing immediate added value. Some clients invest the equivalent of 10% of their sales teams’ salaries into this product. The deep expertise of the team in artificial intelligence and enterprise software facilitates access to this cutting-edge technology without technical barriers.
Focus on research and innovation
The funds raised will primarily be allocated to expanding research and development initiatives. Lace AI plans to enhance its AI innovation efforts through its research center based in Sofia. This expansion promises to further propel technology by aligning business needs with technical advancements.
Team and expertise
The founding team of Lace AI, led by Boris Valkov, stands out for its skills in artificial intelligence, particularly gained at Facebook AI. With expertise in creating complex models, the company is now focusing its expertise on democratizing AI for the home services sector.
Traction and results
The traction achieved is striking: Lace AI reports a growth of 1000% in 2024, with clients reporting booking rates of up to 98% and sales increases of 35% without additional overhead costs. This success illustrates the value that artificial intelligence can bring to a rapidly transforming sector.
Impact on the future of home services
Lace AI’s platform, as a revenue intelligence solution, heralds a new future for home service companies. Its efficiency demonstrates the potential of artificial intelligence to redefine the business landscape in a sector where human communication still predominates.
Frequently asked questions
What is Lace AI and what is its main mission?
Lace AI is a startup founded in Bulgaria, specializing in artificial intelligence for home service businesses. Its mission is to transform how companies manage their revenue by providing increased visibility into incoming calls and reducing revenue losses.
How does Lace AI help reduce revenue losses in home services?
Lace AI uses artificial intelligence technologies to analyze 100% of incoming calls, identify missed revenue opportunities, and provide targeted coaching, enabling companies to make their processes more efficient without additional marketing or staffing costs.
What types of businesses can benefit from Lace AI’s solutions?
Lace AI’s clients include home service companies with annual revenues between 5 million and 2 billion dollars, particularly in the HVAC, plumbing, and roofing sectors.
How much has Lace AI raised and who are its main investors?
Lace AI has raised 19 million dollars, with key investors including Bek Ventures, LAUNCHub Ventures, and Horizon VC, as well as angel investors like Marcin Zukowski from Snowflake and Hristo Borisov from Payhawk.
What is the impact of using Lace AI on client companies’ revenues?
Clients report booking rates of up to 98% and sales increases of up to 35%, all while maintaining zero additional operating costs.
How does Lace AI differ from other solutions in the market?
Lace AI stands out with its comprehensive call analysis approach, its ability to identify customer journeys, and provide personalized coaching, all backed by a team of AI experts with considerable experience in the enterprise software sector.
Where is Lace AI’s research and development center located?
Lace AI’s research and development center is based in Sofia, Bulgaria, focusing on innovation in artificial intelligence and the development of new solutions for the home services industry.
What is Lace AI’s business model?
Lace AI operates on a B2B SaaS model, where clients pay for access to the AI-powered revenue intelligence platform.
