Boris Valkov played a key role in developing PyTorch while working as an AI engineer at Meta, yet he saw even greater opportunities awaiting in the world of AI powered business applications. After leaving Meta in 2021, Valkov drew on his childhood experience helping customers in his family store and set out to launch a company, Lace AI, designed to blend artificial intelligence with customer service for home service providers.
By tapping into skills honed at Meta and VMware, Valkov joined forces with Stan Stoyanov and explored how technology could unlock new sources of revenue through customer interactions. Their research, which included conversations with over 100 companies, revealed that the home services sector, which features businesses in fields like HVAC, plumbing, and roofing, relies heavily on customer phone calls as a launch point for sales.
Transforming Customer Calls into Revenue
Lace was founded with a clear mission to ensure that no sales lead slips through the cracks when customers call in. Unlike traditional solutions that review only a subset of calls, Lace’s advanced AI platform analyzes every single conversation to pinpoint opportunities that might otherwise be missed.
Valkov explains that this comprehensive monitoring can boost sales conversions significantly for clients, maximizing the value of every incoming call. The platform’s revenue intelligence approach allows companies to actively improve performance, and some Lace customers have even reported double-digit profit increases since switching.
Based in Mountain View, Lace currently works with over 100 businesses such as A1 Garage Door Service, Lee’s Air, Eco Plumbers, and Sage Home. The company uses a SaaS model, charging by the number of customer support agents, making the service adaptable and scalable for businesses of different sizes.
Even a modest 1 percent jump in bookings can yield millions of dollars in annual profit for large home service firms. Lace claims that its users are already witnessing these benefits, crediting the platform’s AI capability with uncovering and converting opportunities that would have otherwise been lost.
In just a short time since going to market in late 2023, Lace has seen dramatic growth, achieving one thousand percent annual recurring revenue for 2024. Valkov has not disclosed precise financial details or valuation but describes the company’s recent big fundraising round as representing a strong upward trend.
With $19 million in total funding now secured, including a previously undisclosed $5 million pre-seed and a $14 million seed investment, Lace is ready to expand. Backers such as Canvas Ventures, Bek Ventures, and several high profile tech founders have thrown their support behind the company, betting on its experienced team and unique approach.
Currently, the company has 20 employees but now expects to significantly scale up, intending to triple its workforce with the latest injection of capital. Lace’s growth signals a rising interest in applying artificial intelligence to revolutionize industries long overlooked by tech innovation. Learn more about this development in home service customer service software.
