Participated · Series A · Apr 2022

Eurora has built an AI/ML-based VAT intermediary platform that uses big data and contributions from 22 scientists to classify products, assign product-specific HS codes, calculate VAT and duties, and create customs declarations. The platform integrates with customers' accounting and shipping software via APIs and claims to process 5,000 requests per second with up to 96% accuracy. Its system disambiguates vague customs descriptions (for example distinguishing electric versus manual tools) to improve compliance and reduce parcel delays and costs. The company says it has more than 200 paying customers globally and has seen accelerated traction after the Covid-19 pandemic and regulatory changes to EU import VAT rules in 2021. Eurora positions itself to address rising complexity in cross-border e-commerce in Europe and reduce non-compliance risk for shippers. Management and investors have expressed plans to scale the platform globally. Eurora Solutions provides an AI/ML service that calculates correct VAT and duty amounts and generates electronic declarations for EU duties and taxes. The company can act as the fiscal representative for non-EU sellers shipping products to EU customers. Its AI engine has been trained on over 500 million product descriptions and can handle 5,000 requests per second with up to 96% accuracy. Eurora reports it is processing over 100,000 e-commerce transactions per day and has onboarded clients including UBI and TopYou, Yanwen, and JD.com. The firm is targeting Chinese platforms, which it says represent more than half of the world’s e-commerce volume. Eurora’s solution is positioned to address EU trade rule changes effective July 1, 2021 that greatly increase the number of required customs declarations.