Written by Christina Levada
About iCustoms
iCustoms.AI, a leading provider of AI-powered trade compliance solutions, today announced the closing of a $2.2 million seed funding round. This investment will fuel the company's growth into ground breaking innovations and further development of its innovative trade compliance platform.
Simplifying Trade Compliance with AI
The traditional customs clearance process is notorious for its complexity, characterised by outdated software, mountains of paperwork, and a reliance on manual labour. This creates a significant burden for traders, brokers, and customs agents, who struggle with tight deadlines and overwhelming workloads.
Clear Customs Group established iCustoms to transform customs clearance, making it faster, cheaper, more accurate, and compliant. The company's HMRC Recognised customs declaration software and AI-powered platform automates and streamlines customs processes with an impressive 99% accuracy, resulting in savings of up to 50% in both cost and time.
"At iCustoms, we're passionate about making life easier for everyone involved in international trade," said Adnan Zaheer, CEO of iCustoms AI. "Our AI platform eliminates tedious manual tasks, streamlines customs processes, and ensures complete compliance. This funding allows us to expand our tech team, develop new offerings, and make a significant impact on the trade compliance industry."
Experienced Leadership and Proven Success
A team with a proven track record of success in developing cutting-edge compliance and customs technology solutions leads iCustoms. The founding team boasts an impressive pedigree:
- Adnan Zaheer (CEO): Qualified Accountant & MBA, Ex-PWC, Founding Member of $1bn Smart Pension, Founder Seers-Privacy and consent management platform
- Mark Denney (Advisor): Ex CIO of HMRC, Ex Group CIO of Barclays. Led Brexit including Customs Technologies at HMRC, Expertise in digital transformation, technology, and strategic change.
Investor Confidence in a Promising Future
Fuel Ventures, a leading venture capital firm, along with PlugnPlay, Outrun Ventures, Montblu Capital, SyndicateRoom and leading angels are backing iCustoms' fast growth. "Our experience in the VC space has shown us the immense potential of iCustoms' innovative AI-driven approach," said Mark Pearson, Founder and Managing Partner of Fuel Ventures. "We believe this technology will significantly reduce time and resource burdens for businesses involved in international trade. We're excited to invest in iCustoms and collaborate with their talented team to build something truly remarkable."
“At SyndicateRoom, we're thrilled to support iCustoms alongside other visionary investors. Adnan and his team's dedication, expertise, and exceptional capabilities make them a perfect fit for our portfolio. We're excited to see iCustoms revolutionise trade compliance industry." - Tom Britton, Founding Partner, SyndicateRoom.
Building the Future of Trade Compliance
With this funding round, iCustoms is set to refine and enhance its technology, establishing itself as the leading platform for seamless trade compliance. The company's vision is to redefine the industry landscape by offering a powerful and indispensable solution for businesses worldwide.
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