Boris Valkov was an AI engineer for Meta. He helped build PyTorch, the world’s most popular machine learning library. Valkov, who was working at Meta from 1965 to 2021, realized that artificial intelligence would “unlock capabilities…in the software stack’s application layer.” Lace aiis a startup which has developed AI-driven software for home service businesses.
Valkov’s path to entrepreneurship began when he was a young boy working in the family business. It taught him how to provide excellent customer service over the phone. As an adult he began to explore ways to combine his interests in AI and customer services. Lace was the result. Valkov, who has worked as a software engineer at Meta and VMware for many years, teamed up Stan Stoyanov to combine AI and customer service in order to help businesses increase revenue.
After talking to over 100 companies from different industries and verticals, the pair discovered that many sales in the home services industry begin with a phone call to a customer service center. Home services include HVAC, roofing, and plumbing companies, among others.
Lace’s premise is that, if a client calls into one of these businesses and asks for a quote, they can either make a sale or not. The company claims that its software can improve the chances of conversions.
Lace’s revenue-intelligence software analyzes all calls that come into these businesses in order to detect missed revenue opportunities. It claims to be more comprehensive than similar offerings because it monitors all calls, not just a small portion. Valkov claims that it analyzes every interaction “to make sure that no lead or opportunity is missed”.
Mountain View-based firm works with more than 100 businesses including A1 Garage Door Service and Eco Plumbers. Valkov refused to disclose hard revenue figures. He said that Lace experienced 1,000% annual recurring revenues (ARR) in 2024. (However it only began selling to customers at end of 2023. The company operates a SaaS (software-as-a-service) business model, charging a monthly fee per agent or customer support representative.
A 1% increase in bookings can be significant for a home service or home remodeling company. A company with $300,000,000 in revenue would see its revenue rise by $3,000,000 if it experienced a 1% growth. Valkov stated that some businesses using Lace experience double-digit revenue increases.
Today, Lace announces a total of 19 million dollars in funding since the company’s early 2022 inception. The company exclusively tells TechCrunch. The total raised includes an unannounced pre-seed funding round of $5 million led by Canvas Ventures, and a more recent seed raise of $14 million led by Bek Ventures. Other investors include Horizon VC and Launchub as well as Marcin Zukowski (co-founder of Snowflake), Heini Zachariassen (Vivino) and other founders. Valkov refused to reveal the valuation, stating only that this seed funding was an “up”round. Mehmet Atici said that he invested in Lace because of the experienced team.
He told TechCrunch that there is a growing trend to apply AI to sectors historically underserved. This team understands how to do this. Accurately identifying and addressing these often overlooked segments represent an enormous opportunity. Lace currently has 20 employees. With its new funding, it plans to triple the company’s size. Mary Ann Azevedo,
has over 20 years of experience in business reporting and editing for publications like FinLedger News, Crunchbase, Crain, Forbes, and Silicon Valley Business Journal. She won numerous awards before joining TechCrunch 2021. These included the New York Times Chairman’s Award, and others for covering breaking news. She has a Master’s in journalism from the University of Texas at Austin, where she lives.
View Bio
