iCustoms.AI has raised $2.2 million in a seed round to support its AI-powered trade compliance solutions. This funding will propel the company towards groundbreaking innovations to automate and optimise customs and trade procedures.
The customs clearance procedure can be extremely complicated. Outdated software, piles of manual paperwork, and heavy reliance on manpower only add to the difficulty. Everyone engaged, including traders and agents, is overwhelmed with tedious documentation and tight deadlines.
Enhancing customs clearance speed, accuracy, and cost is the goal of iCustoms. They use artificial intelligence to automate and expedite customs procedures, resulting in 50% time and cost savings.
“Our goal at iCustoms is to make trading simple for all of us,” iCustoms AI CEO Adnan Zaheer stated.
“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 significantly impact the trade compliance industry.”
With AI reshaping industries worldwide, the iCustoms platform, led by former HMRC Customs technology leaders, is pioneering innovation.
- 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, with Expertise in digital transformation, technology, and strategic change
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 the trade compliance industry,” added Tom Britton, Founding Partner, SyndicateRoom.
iCustoms intends to use this funding round to improve and hone its technology and position itself as the leading provider of seamless trade compliance.
iCustoms is exhibiting at Multimodal on stand 3055
