HomeFundingLondon-based Cordless bags over €2.1 million to build a new era of...

London-based Cordless bags over €2.1 million to build a new era of conversational intelligence for customer support

SaaS startup Cordless has raised over €2.1 million ($2.3 million) for its telephony platform that brings the power of AI to customer support. The London-based company now plan to ramp up customer acquisition. 

Customer support is a make-or-break for many companies. Having a good reputation for customer service helps build better relationships, boost brand credibility and simply makes for better business. In the digital world where business is increasingly competitive, data and cutting-edge tech are continuing to shape our interactions – and now, there is a new era on the horizon for customer service teams.

Cordless, built by Luba Chudnovets and Irina Bednova, who met while building Monzo bank, is a modern telephony software that harnesses conversational intelligence. The startup has just secured over €2.1 million ($2.3 million) as conversational intelligence continues to dominate tech. 

Funding details

  • €2.1 million ($2.3 million)raised in a seed round
  • The funding was led by Fly Ventures
  • Additional investors include Passion Capital, Entrepreneur First and TrueSight, as well as high-profile angel investors including Tom Blomfield (Founder of Monzo), Ian Hogarth (Founder of Songkick) and Eamon Jubbawy (Founder of Onfido).

Founded in 2020, Cordless was inspired by the founders experience of scaling customer support when Monzo was accelerating forward. Luba and Irina built the startup on the belief that the best way to build quality highly-demanded products is to fully understand how your customers feel and why they reach out for support. Understand what changes they crave and you can better address them.

Getting feedback from customers is a rich source of market research and its a great way to build important relationships. Via a phone call is the most natural way, but, voice can be a tough medium to analyse.

Luba Chudnovets, co-founder and CEO at Cordless: “We spoke to 100+ customer support leaders and most managers listen to at most 10 calls per week. This means companies are losing valuable information about how they can improve their service and product.”

Cordless’s telephony platform offers AI-driven conservational intelligence for customer support teams to make it possible. The London-based startup essentially brings the power of GPT-3 to the world of voice. The platform will help managers identify areas for agent improvement and new trends in customer questions. It has been built to easily spot conversation trends, assess customer sentiment at scale, summarise calls and automatically categorise the entire volume of calls with the ultimate goal of helping companies improve their customer experience.

Irina Bednova, co-founder and CTO: “In 5 years every company that supports voice will use AI to analyse their conversations at scale.”

Customer support is often viewed as a cost centre. And as a result, existing conversation intelligence tools focus on sales teams. In reality, service teams are the ones building relationships with customers, which directly impacts retention and revenue. 83% of customers overwhelmingly agree that they feel more loyal to brands that respond to and resolve their complaints. Cordless is built specifically for customer support managers to help them be the voice of the customer and retain the quality of support even on a tighter budget.

Already, the SaaS startup is working with companies like Curve, Plend, Second Nature and Fronted. This new investment will help accelerate customer acquisition, and product development and deepen integrations in the customer support ecosystem.

Marie Brayer, Partner at Fly Ventures: Voice support is a generally underinvested category, compared to text, but it is critical to several high-complexity product segments, as well as older, less tech-savvy customer groups. Luba and Irina experienced this first-hand at Monzo, and are now bringing a super well-crafted platform to the market.

Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.
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