iCustoms.AI is a leading provider of AI-powered trade compliance solutions that announced the closing of a $2.2 million seed funding round. Fuel Ventures, a leading venture capital firm, and PlugnPlay, Outrun Ventures, Montblu Capital, SyndicateRoom, and leading angels are backing iCustoms’ growth.
This funding round will drive the company’s growth into innovation and further develop its innovative trade compliance platform.
With this funding round, iCustoms plans to refine and enhance its technology, establishing itself as the leading platform for seamless trade compliance. And the company’s vision is to redefine the industry landscape by offering a robust and indispensable solution for businesses worldwide.
Solving this problem: The traditional customs clearance process is notorious for being complex and characterized by outdated software, mountains of paperwork, and a reliance on manual labor. This presents a significant burden for traders, brokers, and customs agents, who struggle with tight deadlines and overwhelming workloads.
Clear Customs Group launched iCustoms to transform customs clearance, making it faster, cheaper, more accurate, and compliant. The company’s HMRC-recognized customs declaration software and AI-powered platform automate and streamline customs processes with an impressive 99% accuracy, resulting in cost and time savings of up to 50%.
The founding team has 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.
KEY QUOTES:
“At iCustoms, we’re passionate about making life easier for everyone involved in international trade. 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.”
- Adnan Zaheer, CEO of iCustoms AI
“Our experience in the VC space has shown us the immense potential of iCustoms’ innovative AI-driven approach. 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.”
- Mark Pearson, Founder and Managing Partner of Fuel Ventures
“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
