iCustoms

Company Overview

iCustoms is a London-based company that provides an AI-powered customs declaration software platform for global trade compliance. The company was founded to help businesses overcome trade and compliance challenges in the ever-changing world of customs.

iCustoms offers an all-in-one solution that leverages artificial intelligence and machine learning to simplify and automate the process of filing customs declarations for businesses and customs agents. Their platform uses a digital-first approach to make declarations convenient and straightforward.

Products Overview

iCustoms offers a suite of products and solutions for customs management:

• iDP (Intelligent Document Processing) - Uses AI to automate data extraction from trade documents
• iCDS - Import - Automated import declaration software for UK CDS system
• iCDS - Export - Automated export declaration software for UK CDS system
• iZap - Self-service portal for filing declarations in 90 seconds
• iClassification - AI-powered product classification tool
• iCalculator - Landed cost calculation tool
• iNCTS - Electronic transit declaration submissions

Their platform integrates directly with customs systems like HMRC CDS and provides features like:

• Document scanning and auto-filling of declaration forms
• AI-powered product classification
• Import VAT & duty calculation
• Transit declarations
• Compliance checks and validation
• Analytics and reporting

Founding Team

The company was founded by a global team of customs experts and technical engineers in London. However, specific details about the founders are not provided in the available information.

Problem and Market Fit

iCustoms aims to solve the challenges businesses face with complex, manual customs declaration processes. Key problems they address include:

• Time-consuming manual data entry and paperwork
• Errors and delays in customs clearance
• Difficulty keeping up with changing trade regulations
• Lack of visibility into declaration status
• High costs of customs compliance

Their AI-powered platform fits the market need for faster, more automated customs processes as global trade becomes increasingly complex. They claim to help businesses cut costs and time by 50% while improving compliance.

Business Model

iCustoms operates on a software-as-a-service (SaaS) model, providing their customs declaration platform to businesses on a subscription basis. They offer different solutions tailored for:

• Customs agents
• Importers/exporters
• Couriers
• Partners (white-label options)

Revenue likely comes from software subscription fees as well as potentially transaction/declaration fees. They also offer API integrations for companies to connect iCustoms to their existing systems.

Competitive Landscape

The customs software market has both established players and newer entrants leveraging AI/ML. While specific competitors are not named, iCustoms likely competes with:

• Traditional customs software providers
• Other AI-powered customs tech startups
• In-house solutions developed by large enterprises

iCustoms aims to differentiate through their AI capabilities, ease of use, and comprehensive all-in-one platform approach.

Customers

While specific customer names are not provided, iCustoms targets several customer segments:

• Importers and exporters
• Customs agents and brokers
• Freight forwarders
• Couriers and logistics providers

They mention their solutions are suitable for businesses of all sizes involved in cross-border trade.

Relevant News

In 2024, iCustoms won two industry awards:

• “Best Logistics System” by the International Chamber of Commerce
• “Best Customs Technology 2024” (awarding body not specified)

They were also named finalists for:

• PIP Startup Innovation 2024
• The Digital Transformation 2024

This indicates growing industry recognition for their platform.

The company has also received support from several organizations including Plug and Play, Fuel Ventures, Outrun Ventures, and Fintech Circle, suggesting they have secured some venture funding or partnerships, though specific funding details are not provided.

In summary, iCustoms appears to be an emerging player in the customs tech space, leveraging AI to modernize trade compliance processes. Their recent awards and growing feature set indicate they are gaining traction, though as a private company, detailed financial and growth metrics are not publicly available.