Boris Valkov understood how crucial it is for the success of a company to be able to meet customer needs within a single phone call-at just ten years old.
In his parents' grocery store he acted as a call center agent, answering customers' questions and taking their orders. "Every time I solved a customer's problem I felt satisfied and I knew they were happy too - which was good for business," explains Valkov, who later left behind his childhood tasks in the family shop and went on to study computer science.
Valkov started working at the VMware office, where his potential was quickly recognized and he was sent to the company's headquarters in California. A few years later he joined the Facebook AI team and his passion for solving problems through technology grew so strong that he decided to create his own artificial intelligence business, combining it with his childhood love of customer service.
In 2022, together with Stanislav Stoyanov, he created Lace AI - a software that automates the analysis of incoming call center calls to improve customer service efficiency and increase sales in the home services industry.
There is clearly a market for this - by 2024 Valkov and Stoyanov's company had grown tenfold and was serving hundreds of clients. In order to meet high demand they have now raised 19 million dollars in investment to expand their teams in California and Sofia and to offer clients more and better solutions.
Round 2-in-1
The investment is formally divided into two rounds: 5 million dollars in a pre-seed round and 14 million dollars in a seed round. The company attracted investment from U.S. venture capital fund Bek Ventures, international investor Horizon VC and Bulgarian fund LAUNCHub Ventures. New partners include business angels such as Snowflake co-founder Marcin Żukowski, Vivino founder Heini Zachariassen and Payhawk co-founder Hristo Borisov.
The funds will be used to enhance Lace's AI capabilities and expand the company's team, whose R&D center is based in Sofia and currently consists of 7 specialists, according to data from APIS. "We plan to triple our team to continue sustaining the record growth we're experiencing," Boris Valkov told the Capital Weekly, noting that Lace's sales had grown ten times by 2024, though he did not disclose specific financial figures.
Optimized call centers
"The best way for a startup to succeed is to have very clearly defined goals," Valkov believes. That is why Lace operates solely in the U.S. market, where, Valkov says, it is already a leader in its segment. The partners have also chosen a specific sector to serve - home services. "We're talking about an industry worth 650 billion dollars, including plumbing, electrical work, roof repair, construction and more," explains Valkov, adding that some of Lace's clients rely on their call centers to close around 80% of all their sales.
This is where Lace comes in - their software analyzes 100% of the incoming calls in clients' call centers and identifies missed opportunities, while also offering targeted advice that agents can use in practice. "Our clients report up to a 35% increase in net sales using Lace, and some achieve up to 98% successful bookings," Valkov adds.
Lace's service is used by hundreds of clients in the sector with annual sales ranging from 5 million to 2 billion dollars. These clients save money not by downsizing teams but by making them more efficient. "This is a perfect example of effective collaboration between technology and human specialists," Valkov asserts. "The key for clients is not to lay people off but to analyze why some sales opportunities are missed and to make sure they're captured."
Valkov and Stoyanov have a five-year plan they are determined to follow to strengthen their market position. "In 2025 we expect record growth, which we will achieve with the help of a larger team," says Valkov. And once they have conquered the U.S. home services market, Lace will likely expand into new sectors and other markets. "The operating principle is the same but each move must be made at the right moment and only after completing the previous step properly," he says.
Boris Valkov understood how crucial it is for the success of a company to be able to meet customer needs within a single phone call-at just ten years old.
In his parents' grocery store he acted as a call center agent, answering customers' questions and taking their orders. "Every time I solved a customer's problem I felt satisfied and I knew they were happy too - which was good for business," explains Valkov, who later left behind his childhood tasks in the family shop and went on to study computer science.
