Eurora Solutions OÜ – Saudi Mirror http://www.saudimirror.com News On-line Mon, 24 Oct 2022 09:13:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.2 Eurora partners with DPDgroup to automate cross-border trade compliance http://www.saudimirror.com/eurora-partners-with-dpdgroup-to-automate-cross-border-trade-compliance/ Mon, 24 Oct 2022 09:13:12 +0000 http://www.saudimirror.com/?p=213596 TALLINN, Estonia, Oct. 24, 2022 (GLOBE NEWSWIRE) — Eurora Solutions, the provider of a leading AI/ML (artificial intelligence/machine learning) backed cross–border trade compliance platform, launches a partnership with DPDgroup, one of the world's leading parcel delivery network.

This partnership will enable DPDgroup, which delivers 2.1 billion parcels yearly, to enhance its quality and compliance processes whilst lowering the costs of customs processing.

DPDgroup will use Eurora's AI/ML–backed platform to automate the allocation of product classification (HS) codes and compliance with the export control rules applied in the European Union, the United Kingdom, and the United States. The allocation of product classification (HS) codes and export control classification (ECCN code) is a pivotal step within the export process, as these classifications are needed to prove all restrictions and license requirements have been duly checked by the shipper before exporting an item.

Eurora's compliance platform processes up to 5,000 requests per second with 98% accuracy* – the highest level of accuracy, speed, and automation available in the market. As there are more than 15,000 10–digit commodity codes in the EU alone, it is impossible to match this speed and cost with manual or hybrid methods, most used today.

As a next step, both companies are looking towards extending the geographical coverage of export compliance services, namely to the Middle East and Asia.

"Eurora and the DPDgroup have been closely working together since the beginning of 2022 to elaborate the rules of different jurisdictions, containing a wide range of classification rules and restrictions that have been learned by the Eurora machine," said Marko Lastik, founder and Group CEO of Eurora.

DPDgroup, delivering over 8.4 million parcels worldwide each day, was looking for a solution that would enhance its parcel delivery operations. “In a context where product safety and transport security processes are key, and with growing international activity, we always aim to enhance quality and compliance. Using AI and Machine Learning solutions will help us improve the scalability and reliability of our international operations, while paving the path for future opportunities like new customer services, new geography, and further automation," said Olivier Tsalpatouros, Senior Director Regulatory & Global Trade Affairs at DPDgroup.

"Years of scientific research and developing machine learning capabilities have allowed Eurora to demonstrate that we are trusted by the logistics and postal industry. Eurora AI engine can find the most appropriate response from a large amount of data by learning from constantly adding data," Marko Lastik explained.

Eurora's AI uses over 500 million records of training data from real transactions of the world's largest logistics service providers. The platform can be used by online sellers, marketplaces, logistics and postal companies to automate tax and duty declarations and assign the appropriate HS code.

*Level observed on Eurora's overall compliance platforms solutions in 2022.

Photos: Please use the link here to access photos, videos and logos of DPD and Eurora co–operation.

About GeoPost/DPDgroup

DPDgroup is one of the world leading parcel delivery networks, aiming to be a reference in sustainable delivery and become a leading enabler of e–commerce acceleration. We combine innovative technology and local knowledge to provide a flexible and user–friendly service for both shippers and shoppers.

With 120,000 delivery experts operating in nearly 50 countries, and a network of 70,000 Pickup points, DPDgroup delivers 8.4 million parcels worldwide each day "" 2.1 billion parcels per year "" through the brands DPD, Chronopost, SEUR, BRT and Jadlog. DPDgroup is the parcel delivery network of GeoPost. GeoPost posted sales of 14.7 billion in 2021.

About Eurora Solutions

Eurora uses artificial intelligence and machine learning to automatically manage cross–border VAT, duty amounts, and declarations.

In recent months, Eurora has opened a UK Central office in London and a US Central office in Miami. Chris Lentjes, a Pitney Bowes and DHL veteran with more than 20+ years of industry experience, became Eurora's US CEO; e–commerce heavyweight Walter Trezek joined Eurora as the Non–Executive Chairman of the Supervisory Board.

Eurora was founded in 2018 by Marko Lastik, a global logistics expert with over 30 years of experience, most of it connected with Asia. Eurora employs over 165 people in 18 countries.


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Eurora Solutions is participating in the World Mail & Express EMEA conference http://www.saudimirror.com/eurora-solutions-is-participating-in-the-world-mail-express-emea-conference/ Tue, 10 May 2022 09:18:29 +0000 http://www.saudimirror.com/?p=214712 TALLINN, Estonia, May 10, 2022 (GLOBE NEWSWIRE) — Eurora Solutions, an Artificial Intelligence/Machine Learning–backed (AI/ML) cross–border e–commerce compliance platform, is pleased to announce that its management team will take part in the World Mail & Express EMEA conference between 10–12 May in Dubai, United Arab Emirates.

The Company's attendance follows Eurora's oversubscribed $40m Series A round, announced last month. Eurora plans to use the funds for global expansion, including in the Middle East, where rapid and high growth in the sector is expected – between 2016 and 2020 alone, the size of the e–commerce industry quadrupled in the region.

On Wednesday 11th of May, Eurora's COO, Egon Veerme, will present the company introduction titled “Reshaping Cross–Border Trade with AI–Based Solutions,” which will give an overview of Eurora's AI/ML–based e–commerce compliance platform that automates tax, compliance and customs services and can be used by online sellers, marketplaces, logistics and postal companies, and tax and customs authorities.

Eurora's COO, Egon Veerme, said: “I look forward to introducing Eurora at this leading e–commerce conference. Our platform is already used by hundreds of clients worldwide helping with tax and customs procedures. We view the Middle East as a priority market, and I'm confident that we'll be able to find new potential partners that could benefit from Eurora's platform and add value to our existing customers.”

Eurora's platform automatically processes 5,000 requests per second with up to 96% accuracy, the highest level of accuracy, speed, and automation available on the market. It operates at a fraction of the time and price of hybrid or manual code allocation solutions commonly used today. It assigns e–commerce products an appropriate HS code, calculates the applicable VAT and duty amounts, and automatically creates electronic declarations for duties and taxes via simple API integration.

Interested parties can learn more about Eurora's proprietary e–commerce compliance platform at Eurora's conference booth no 15 located at the InterContinental Dubai Festival City.

The following representatives of Eurora will be present at the WMX EMEA and available for meetings:

For more information:

Name Position
Anneli Aljas CFO pr@eurora.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/155b829d–c159–43eb–823a–8bb9d8e080e9


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Eurora Solutions raises $40M in Series A to tackle e-commerce shipping delays caused by EU regulation changes http://www.saudimirror.com/eurora-solutions-raises-40m-in-series-a-to-tackle-e-commerce-shipping-delays-caused-by-eu-regulation-changes/ Wed, 27 Apr 2022 12:51:35 +0000 http://www.saudimirror.com/?p=213981
  • Reported as one of the largest Estonian Series A rounds.
  • Eurora's unique AI–based solution was developed with 22 scientists from the world's top 1% universities and backed with support from European Union (EU) Archimedes Fund.
  • Eurora already has over 200 paying clients worldwide that use its technology to process millions of parcels every day.
  • TALLINN, Estonia, April 27, 2022 (GLOBE NEWSWIRE) — Eurora Solutions, an Artificial Intelligence/Machine Learning–backed (AI/ML) cross–border e–commerce compliance platform, is announcing the closure of its oversubscribed Series A round, raising $40 million/ 31 million. Amsterdam based Connected Capital led the round, with existing investors, including Change Ventures, Equity United and Eurora's founder Marko Lastik also participating.

    Eurora already has over 200 paying clients worldwide, including some of the biggest e–commerce players in Asia, such as JD.com, Yanwen and Topyou. These three companies alone process around billion parcels per year and deliver to more than 120 countries. The new funding will be used for geographical expansion in the UK, the US, and the Middle East, where rapid and high growth in the sector is expected, and product development and potential add–on acquisitions. In the past decade, global parcel shipping volume has tripled, and by 2026, this market is expected to reach over 260 billion parcels delivered.

    In July last year, the EU ended the 22 import VAT exemption, and new trading regulations between the EU and the rest of the world gradually came into effect. This was intended to create a level playing field with local European manufacturers and retailers. Complying with this new regulation in the high volume, low value–per–package e–commerce market has been a challenge for merchants and logistics operators from the UK, the US, China and the rest of the world. These players are looking for software–based solutions that can help handle the billions of cross–border packages affected by this new EU regulation. Solutions with a high degree of accuracy, speed and at a low cost per package are required.

    Eurora's proprietary AI/ML–based platform automates tax, compliance and customs services. It assigns e–commerce products an appropriate HS code*, calculates the applicable VAT and duty amounts, and automatically creates electronic declarations for EU duties and taxes via simple API integration. The platform delivers more than 96% accuracy for e–commerce packages despite often patchy input data and it operates at a fraction of the time and price of hybrid or manual code allocation solutions commonly used today. Eurora was the first official VAT Intermediary and the first company to issue an IOSS number*.

    The B2B platform can be used by online sellers, marketplaces, logistics and postal companies, as well as tax and customs authorities. Eurora's compliance platform can automatically process 5,000 requests per second with up to 96% accuracy, the highest level of accuracy, speed, and automation available on the market. Marko Lastik has over 30 years of experience in logistics and is the founder and visionary of the platform, having created it together with 22 scientists from the world's top 1% of universities, such as Tallinn University of Technology, StatLab (a spinoff company of the University of Tartu) and Software Technology and Applications Competence Centre in Estonia.

    Marko Lastik, the founder and CEO of Eurora Solutions, said: "The number of different declarations, codes, reports, records and tax calculations required in the international shipping business is ever increasing. 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 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."

    Shaffy Roell, Investment Manager at Connected Capital, said: "We are excited to lead the investment into Eurora and support the team in scaling the platform globally. The founder and the full management team have impressed us with their quality, domain expertise, and vision for the company. We have seen a clear push from regulators to improve transparency and reporting for the increasing number of goods that enter through customs. We believe that Eurora has built a truly unique AI/ML–based platform, significantly improving compliance while reducing package delays and lowering costs for e–commerce parcels shipped into Europe."

    For more info:
    Anneli Aljas
    CFO
    pr@eurora.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ba059a2d–0ca1–4f72–8211–637f86d74f09


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    Eurora Solutions raises $40M in Series A to tackle e-commerce shipping delays caused by EU regulation changes http://www.saudimirror.com/eurora-solutions-raises-40m-in-series-a-to-tackle-e-commerce-shipping-delays-caused-by-eu-regulation-changes/ Wed, 27 Apr 2022 12:51:35 +0000 http://www.saudimirror.com/?p=213980
  • Reported as one of the largest Estonian Series A rounds.
  • Eurora's unique AI–based solution was developed with 22 scientists from the world's top 1% universities and backed with support from European Union (EU) Archimedes Fund.
  • Eurora already has over 200 paying clients worldwide that use its technology to process millions of parcels every day.
  • TALLINN, Estonia, April 27, 2022 (GLOBE NEWSWIRE) — Eurora Solutions, an Artificial Intelligence/Machine Learning–backed (AI/ML) cross–border e–commerce compliance platform, is announcing the closure of its oversubscribed Series A round, raising $40 million/ 31 million. Amsterdam based Connected Capital led the round, with existing investors, including Change Ventures, Equity United and Eurora's founder Marko Lastik also participating.

    Eurora already has over 200 paying clients worldwide, including some of the biggest e–commerce players in Asia, such as JD.com, Yanwen and Topyou. These three companies alone process around billion parcels per year and deliver to more than 120 countries. The new funding will be used for geographical expansion in the UK, the US, and the Middle East, where rapid and high growth in the sector is expected, and product development and potential add–on acquisitions. In the past decade, global parcel shipping volume has tripled, and by 2026, this market is expected to reach over 260 billion parcels delivered.

    In July last year, the EU ended the 22 import VAT exemption, and new trading regulations between the EU and the rest of the world gradually came into effect. This was intended to create a level playing field with local European manufacturers and retailers. Complying with this new regulation in the high volume, low value–per–package e–commerce market has been a challenge for merchants and logistics operators from the UK, the US, China and the rest of the world. These players are looking for software–based solutions that can help handle the billions of cross–border packages affected by this new EU regulation. Solutions with a high degree of accuracy, speed and at a low cost per package are required.

    Eurora's proprietary AI/ML–based platform automates tax, compliance and customs services. It assigns e–commerce products an appropriate HS code*, calculates the applicable VAT and duty amounts, and automatically creates electronic declarations for EU duties and taxes via simple API integration. The platform delivers more than 96% accuracy for e–commerce packages despite often patchy input data and it operates at a fraction of the time and price of hybrid or manual code allocation solutions commonly used today. Eurora was the first official VAT Intermediary and the first company to issue an IOSS number*.

    The B2B platform can be used by online sellers, marketplaces, logistics and postal companies, as well as tax and customs authorities. Eurora's compliance platform can automatically process 5,000 requests per second with up to 96% accuracy, the highest level of accuracy, speed, and automation available on the market. Marko Lastik has over 30 years of experience in logistics and is the founder and visionary of the platform, having created it together with 22 scientists from the world's top 1% of universities, such as Tallinn University of Technology, StatLab (a spinoff company of the University of Tartu) and Software Technology and Applications Competence Centre in Estonia.

    Marko Lastik, the founder and CEO of Eurora Solutions, said: "The number of different declarations, codes, reports, records and tax calculations required in the international shipping business is ever increasing. 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 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."

    Shaffy Roell, Investment Manager at Connected Capital, said: "We are excited to lead the investment into Eurora and support the team in scaling the platform globally. The founder and the full management team have impressed us with their quality, domain expertise, and vision for the company. We have seen a clear push from regulators to improve transparency and reporting for the increasing number of goods that enter through customs. We believe that Eurora has built a truly unique AI/ML–based platform, significantly improving compliance while reducing package delays and lowering costs for e–commerce parcels shipped into Europe."

    For more info:
    Anneli Aljas
    CFO
    pr@eurora.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ba059a2d–0ca1–4f72–8211–637f86d74f09


    GLOBENEWSWIRE (Distribution ID 1000629411)

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