Estonian artificial intelligence (AI) and machine learning cross-border e-commerce compliance platform Eurora Solutions has secured $40 million in Series A funding in an oversubscribed funding round that is considered one of the largest such funding rounds among Estonian startups, according to a Wednesday (April 27) press release.
Eurora will use the new capital to expand in the UK, US and Middle East, as well as product development and potential acquisitions.
Amsterdam-based Connected Capital led Eurora’s fundraising effort, with participation from existing investors including Change Ventures, Equity United and Eurora founder Marko Lastik. Eurora also raised $3 million in funding in July 2021, according to a report from Tech Funding News.
“The number of different tax declarations, codes, reports, registrations and calculations required in the international shipping sector is constantly increasing,” said Marko Lastik, founder and CEO of Eurora Solutions, in the communicated. “Without the right datasets and automated solutions for tax calculations and e-filing, cross-border trade has slowed down, leading to severe delays, fines, increased costs, lost customers, and more.
“Eurora’s AI uses over 500 million training data records from real transactions from the world’s largest logistics providers, giving Eurora the deepest insight into real market practices. By using Eurora’s platform, merchants can deliver faster and more cost-effectively, resulting in increased customer satisfaction and confidence,” he said.
Related: Instacart brings AI self-checkout to Fenway Park
In other AI-related news, Instacart announced earlier this month that it was launching a new POS system called Caper Counter at Boston’s Fenway Park, which is created by Caper AI, a software acquired by Instacart in the fall which makes payment 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’s vice president of engineering, Lindon Gao, said in a statement that the device cut 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.