Caspian, an AI-driven customs compliance startup, has officially launched after emerging from stealth mode and raised $5.4 million in seed funding, led by Primary Venture Partners, with significant backing from Blank Ventures.
Businesses lose billions in unclaimed import duties due to complex, paperwork-heavy processes that prevent exporters from reclaiming tariffs on re-exported goods. Caspian’s platform automates this by analyzing international shipping and inventory data to identify eligible duty refunds, submitting claims within days instead of months. This helps companies recover money that would otherwise be lost.
As an approved tech company and licensed customs broker, Caspian can file claims directly with U.S. Customs or partner with large enterprises and customs brokers to enhance their trade advisory services. Unlike traditional global trade management tools that focus on compliance, Caspian emphasizes financial visibility and growth. The platform streamlines the process, enabling clients to recover money efficiently while cutting costs and boosting profit margins.
KEY QUOTES:
“We built Caspian to ensure all businesses can thrive in the current trade environment, and that begins with not leaving money on the table; right now, over 90% of eligible businesses don’t apply for duty drawback due to complex processes. Our technology solves this problem, which historically has cost businesses billions of dollars. Drawback is a cornerstone of U.S. economic policy to grow American exports and support re-shoring of critical industries. But the current process is excruciating for businesses, brokers, and regulators alike. Caspian brings AI fintech automation to bear on shippers’ bottom lines, improving the impact tariff incentives that support U.S. exporters.”
Justin Sherlock, founder and CEO of Caspian
“Caspian’s approach to automate complex regulatory work with a focus on tackling the opaque world of tariffs is exactly aligned with our thesis that AI will reshape niche pockets of financial services. Caspian is poised to invent their own software vertical — tariff management — and become the ‘go-to’ platform for global duty optimization.”
Emily Man, Partner at Primary Venture Partners, who will join Caspian’s Board of Directors
“Retailers traditionally rely on slow, expensive consultants, even as the rest of the commerce stack has digitized. When a multi-national luxury brand told us they’d uncovered consultants filing duty claims incorrectly, it became clear just how big the opportunity is for AI in high-friction service industries. Justin and Matt have the expertise from scaling Flexport; they speak the language of logistics and are executing at the pace of dynasty builders.”
Hannah Chelkowski, Co-Founder and General Partner, Blank Ventures
“I’ve dealt with drawback in prior companies, so I was skeptical about taking on such a complex project. But Caspian proved its value quickly. We’re converted. Beyond drawback, we’re using Caspian to track duty spend and classifications — centralizing this data and executing these cost savings so quickly is a game-changer for our margins and inventory planning.”
Jim Franz, President, North America at UltiMaker, a Netherlands-based manufacturer of 3D printers
