AI customer speech analysis startup launched by ex-Monzo staff raises £2m
Cordless, an AI startup that has built a platform to analyse customer feedback for support teams, has raised $2.3m (£1.9m).
Founded by two ex-Monzo employees, Cordless was inspired by their experiences handling customer support at the challenger bank. Working as the head of scaling operations and a technical lead, Luba Chudnovets and Irina Bednova found that understanding customer feedback was essential to providing user support.
“We spoke to 100+ customer support leaders and most managers listen to at most 10 calls per week,” said Chudnovets. “This means companies are losing valuable information about how they can improve their service and product.”
The pair founded Cordless in 2020 as an AI platform to analyse spoken word feedback from customer support phone calls.
“In five years, every company that supports voice will use AI to analyse their conversations at scale,” said Bednova.
The London-based company claims it can detect conversational trends so that it can quickly summarise and categorise calls. Cordless says companies can benefit from this by tracking the needs of customers and being better able to spot areas of dissatisfaction.
Bednova said that by using Cordless, companies could determine that, for example, “40% more customers are reaching out about a login issue” or “Alice could improve her tone of voice” when dealing with users.
The funding round was led by Fly Ventures. Other Cordless backers include Passion Capital, TrueSight, Entrepreneur First, and angel investors such as Monzo co-founder Tom Blomfield and Eventbrite co-founder Renaud Visage.
“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,” said Fly ventures partner Marie Brayer.
“Luba and Irina experienced this first-hand at Monzo and are now bringing a super well-crafted platform to the market.”