Estonian artificial intelligence (AI) and machine learning cross-border eCommerce compliance platform Eurora Solutions nailed down $40 million in Series A funding in an oversubscribed round that’s considered one of the largest financing rounds of its kind among Estonian startups, according to a Wednesday (April 27) press release.
Eurora will use the fresh capital to expand across the U.K., the U.S. and the Middle East as well as for product development and potential acquisitions.
Amsterdam-based Connected Capital led Eurora’s fundraising effort, with participation by existing investors, including Change Ventures, Equity United and Eurora founder Marko Lastik. Eurora also raised $3 million funding in July 2021, according to a Tech Funding News report.
“The number of different declarations, codes, reports, records and tax calculations required in the international shipping business is ever increasing,” Marko Lastik, founder and CEO of Eurora Solutions, said in the release. “Without the correct data sets and automated solutions for tax calculations and electronic declarations, cross-border trade has slowed down, resulting in severe delays, fines, increasing costs, loss of customers etc.
“Eurora’s AI uses 500+ million records of training data from actual transactions from the largest logistics providers in the world, giving Eurora the deepest knowledge of actual market practices. By using Eurora’s platform, merchants can make deliveries faster and at lower costs, which results in increased customer satisfaction and trust,” he said.
In other AI-related news, Instacart announced earlier this month that it is launching a new POS system called Caper Counter at Boston’s Fenway Park, which is created by Caper AI, a software company that Instacart acquired in the fall that makes checkout systems and other AI retail technology.
With the Counter, consumers place their items on the device, which scans them with computer vision, after which consumers select their payment option.
Instacart Vice President of Engineering Lindon Gao said in a statement that the device cuts the transaction time by 65%. The Counter comes to Fenway in partnership with Aramark Sports + Entertainment, and three of them are available at different parts of the ballpark.