Eurora closes US$3M round bringing AI to e-commerce

Eurora Solutions, has raised $3 million to help to expand coverage of its e-commerce suite of customs compliance tools across 193 countries

Eurora Solutions, an Estonian firm that offers an AI/ML service for cross-border transactions, has raised a $3 million seed round which will help to expand coverage of its e-commerce suite of customs compliance tools across 193 countries.

The seed round was led by Change Ventures which was joined by angels including the founders of Printify, Artis Kehris and Janis Berdigans, and founder of KatanaMRP, Kristjan Vilosius. 

Eurora’s AI/ML engine dynamically assigns to e-commerce product transactions an appropriate HS code (standardised numerical method of classifying products), calculates the appropriate VAT and duty amounts, and automatically creates electronic declarations for EU duties and taxes. Eurora can also act as the fiscal representative for all cross-border transactions for non-EU sellers shipping products to EU customers.

According to the company they are already processing over 100,000 e-commerce transactions per day, and volume is expected to increase to over one million transactions per day by the end of 2021. The AI/ML engine has been trained on over 500 million product descriptions, allowing the AI to automatically handle 5000 requests per second with up to 96% accuracy. This is the highest level of accuracy, speed, and automation available on the market.

 

Changes to EU rules


 

Eurora’s solution is designed to address the changes in EU trade rules which came into effect on July 1, 2021.  The new regulations will increase the number of customs declarations by more than 900% as billions of new declarations must be submitted and processed. All goods entering the EU must be declared in customs and all orders will now be subject to VAT. EU nations are strongly motivated to enforce the new rules as they are expected to result in over € 10 billion in additional tax revenues for member states.

The company’s focus is currently on Chinese platforms which represent over half of the world’s e-commerce volume. It has already on-boarded major clients like UBI and TopYou (largest e-commerce logistics providers in South China), Yanwen (ranked in the top three cross-border e-commerce logistics providers in China), JD.com (one of the largest marketplaces in the World), and AIECOMS (large Association of Chinese cross-border e-commerce businesses). Together they represent over one million Chinese e-commerce companies.

 

Share

Featured Articles

Securing the future of IoT with AI biometric technology

The world needs an IoT future, so It’s time to forget your password – for good. A new breed of AI-powered biometric security measures is required

EU networks plan to build a foundation for trustworthy AI

Artificial intelligence technologies are in their infancy, but commercial stakeholders must build them on foundations of trust, say research experts

ICYMI: Power users distrust AI and new National Robotarium

A week is a long time in artificial intelligence, so here’s a round-up of AI Magazine articles that have been starting conversations around the world

Reducing the impact of ecommerce with AI and ML

AI Applications

Now is the time for intelligent products and services

AI Strategy

The eyes of a machine: automation with vision

Machine Learning