Customs Window Technologies, an Irish RegTech start-up that streamlines customs compliance through an innovative AI-powered system, has successfully raised €800,000 in seed funding.
Led by private and EIIS investors and supported by Enterprise Ireland's High Potential Start-Up (HPSU) fund, the investment will fuel the company's expansion into the UK market.
The UK presents a key growth opportunity for Customs Window, with over 91 million customs declarations submitted to HM Revenue and Customs (HMRC) in 2023 alone. With additional regulatory changes expected in the UK in 2025, the volume of customs declarations is anticipated to rise further, making efficient compliance solutions increasingly essential.
Founded in 2022 by Brian Murphy and Johnny Dunne and headquartered at NexusUCD in Dublin, Customs Window was born from the challenges of Brexit and growing complexities in customs compliance. The company provides e-commerce platforms and logistics companies with a smart, integrated platform and open API that automates and simplifies customs declarations. The solution aims to ease the regulatory burden on supply chain managers, increase declaration clearance rates, and protect essential compliance data.
The start-up's AI-driven system, developed to tackle customs complexity and improve compliance, has also caught the attention of Mike Stalley, founder of tax compliance software firm Fiscal Reps, who is among the private investors. Stalley, who sold Fiscal Reps to Sovos in 2017, will advise Customs Window on UK and international expansion.
"With the rapid growth in e-commerce and post-Brexit regulations, customs compliance has become a pressing challenge for businesses across Ireland, the UK, and Europe," said Brian Murphy, COO and co-founder of Customs Window. "Our system not only manages the intricate compliance requirements for customs declarations but also simplifies the entire process, helping companies stay compliant long after goods have been delivered."
Customs Window's platform uses AI and process automation to streamline customs data management and reporting, reducing both time and costs associated with customs processes. As Ireland has seen an explosion in customs declarations—rising from under 2 million in 2020 to over 54 million in 2023—Customs Window’s platform has become vital for companies navigating complex regulations driven by Brexit and evolving EU policies.
Currently, Customs Window is participating in University College Dublin’s AI Ecosystem Accelerator Programme, delivered by NovaUCD in partnership with CeADAR, Ireland’s AI Centre of Excellence, underscoring the start-up's commitment to leveraging advanced technologies to support regulatory compliance.
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06/11/2024
Customs Window Technologies Secures €800,000 In Seed Funding
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