Boris Valkov is an AI engineer who previously worked at Meta, where he played a significant role in developing PyTorch, one of the largest machine learning libraries globally. During his tenure there, he recognized that artificial intelligence was set to unlock new capabilities within the software application layer. In late 2021, given these insights, Valkov launched Lace AI, a startup focused on AI-driven customer service software for home service companies.
His journey into entrepreneurship began in his childhood, working in his family’s grocery store. This experience solidified his understanding of the importance of telephone customer service. As he matured, he sought to merge his passions for AI and customer service, ultimately leading to the inception of Lace AI.
Leveraging his extensive software engineering background from VMware and Meta, Valkov collaborated with Stan Stoyanov to integrate AI and customer service to enhance revenue opportunities for businesses. They engaged with over 100 companies across various sectors and identified that many sales in the home services industry, which includes HVAC, plumbing, and roofing, often commence with calls made to call centers. Lace AI’s approach aims to improve call conversion rates, claiming its revenue intelligence software utilizes AI technology to analyze incoming calls and identify lost revenue opportunities.
Unlike many competitors, Lace promises comprehensive monitoring, assessing every call to ensure that no potential lead is overlooked. Based in Mountain View, Lace currently partners with over 100 businesses, including A1 Garage Door Service and Eco Plumbers. Although Valkov did not disclose exact revenue figures, he noted a remarkable 1,000% annual recurring revenue growth in 2024, following the company’s late 2023 customer sales launch.
The SaaS business model charges a monthly fee per agent, emphasizing that even a 1% increase in bookings could significantly impact a company’s bottom line. Recently, Lace announced it has raised $19 million since its establishment, including a $5 million pre-seed round and a $14 million seed round, enabling it to expand its 20-employee workforce significantly. Investors express confidence in the experienced team and the potential for AI to impact traditionally underserved sectors.