March 24 (SeeNews) - Bulgarian growth investor Sofia Angels Ventures, or SAV, said on Friday that it is injecting 100,000 euro ($107,720) in Austrian digital customs clearance platform Digicust to support further product development and business expansion.
The investment is being made alongside funding provided to Digicust by Estonian early stage investor Startup Wise Guys, SAV said in a press release.
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Founded in 2020, Vienna-based Digicust is developing machine learning and AI-based systems for the digitalisation and automation of customs documents processing for freight forwarders and other enterprises, with proven increases in scalability and quality of customs clearance. The start-up has also come up with virtual customs robot Dexter IDP, which builds on companies' own IT infrastructures without the need for changes to be made.
"With the support of Sofia Angels Ventures, we will focus on scaling our business, further develop our product Dexter IDP and provide customers across industries and worldwide with a solution for automated end-to-end document processing and automated customs declarations," Digicust co-founder and CEO Borisav Parmakovic said.
Last year, Digicust provided services to over 700 companies in the DACH region, with clients including Austria's G. Englmayr Zoll & Consulting as well as Germany's Zoll.Utio and Ruedinger Spedition.
Digicust has assembled experts from the fields of both AI and logistics and has serious growth potential as its impressive technology ensures a seamless and efficient customs declaration process, according to SAV managing partner Bistra Kirova.
($ = 0.9283 euro)