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London Tech Week

Ex-Monzo execs founded Conversation AI startup rakes in $2.3M 

Cordless
Image credits: Cordless

Cordless, a London-based modern telephony software with conversation intelligence, has raised $2.3 million in a seed funding round led by Berlin-based VC Fly Ventures with participation from Passion Capital (also backed Atoa Payments), TrueSight (also backed BondAval, Claimer), and Renaud Visage, co-founder of Eventbrite (also backed Mason and Climate X). 

The UK startup will use the funds to accelerate customer acquisition, and product development and deepen integrations in the customer support ecosystem.

Founded by ex-Monzo employees

Luba Chudnovets and Irina Bednova, who met while building Monzo bank working as a Head of Scaling Operations and a Technical Lead, respectively, founded Cordless. 

In Monzo, the female founders worked on the problem of scaling customer support when Monzo was going through exponential growth. 

During their stint in Monzo, the female duo learned an important point — if you build products that customers want to use, it’s essential to have a deep understanding of “how your customers feel and why they reach out for support.”

“Calls with customers is the richest source of feedback and an opportunity to build a relationship, but the voice is a hard medium to analyse, says 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.”

Helps customer support teams 

Cordless is a modern cloud-based call centre for customer support teams with built-in conversational intelligence. 

The platform provides an all-in-one solution for customer support teams to talk to customers over the phone and gather deep insights from the conversations. 

Simply said, Cordless brings the power of GPT-3 to the world of voice. 

With the transcriptions out of the box, sentiment analysis, auto-tagging of conversations, and deep integrations with the most popular CRMs, Cordless allows customer support managers to QA better, identify opportunities for training, spot trends in customer queries, and communicate with the broader team. 

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

The platform helps managers identify areas for agent improvement and new trends in customer questions.

Currently, Cordless works with companies like Curve, Plend, Second Nature, and Fronted. 

Marie Brayer, Partner at Fly Ventures said: “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.”

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