Eurora Solutions, an Estonian firm that offers an AI/ML service for cross-border transactions, has raised a $3 million seed round, according to a note from the firm.
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. To date, Eurora has raised over €10 million in investments and research grants.
Eurora is a service that calculates the correct VAT and duty amounts and then creates electronic declarations for EU duties and taxes. Eurora can also serve as the fiscal representative for all cross-border transactions for non-EU sellers shipping products to EU customers, according to the company.
Eurora states that currently, it is targeting Chinese platforms which represent over half of the world’s e-commerce volume. Eurora reports that it has already onboarded big clients like UBI and TopYou, Yanwen, JD.com, and more. Eurora says it is already processing over 100,000 e-commerce transactions per day.
Eurora’s AI/ML engine is said to have been trained on over 500 million product descriptions, allowing the AI to automatically handle 5000 requests per second with up to 96% accuracy.
Eurora’s solution is designed to address the changes in EU trade rules which came into effect on July 1, 2021. Eurora notes that 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.